This is according to the latest report by the Wood Mackenzie energy consultancy, which says that the UK continental shelf remains one of the world's top ten areas for investment around 40 years after production started.
Describing the UK North Sea as a remarkable success story, Wood Mackenzie said spending on new projects had returned to levels last seen in the 1970s after allowing for inflation.
"We forecast that £44 billion development capex (capital expenditure) will be invested over the next five years. Another strong indication of the heath of the sector –maybe life does begin at 40," said Wood Mackenzie.
The prediction is based on plans companies have announced to develop new fields and extend existing assets along with projects Wood Mackenzie believes will proceed.
Wood Mackenzie noted that advances in technology in areas like heavy oil production had also made it possible to develop assets that would previously have been considered uneconomic. Some 126 companies hold acreage in the UK North Sea – higher than in any other European country.
