ABSTRACT
The years post-1973 were uncertain, but they were also years of opportunity for the industry. Rising prices opened up vast new areas of possibility. It is not often appreciated that the really dark days for the upstream side of the private sector of our industry, were the years immediately prior to 1973. The rising prices of the late 70s certainly provided opportunity - an opportunity to which the industry reacted with great speed - the late 70s and early 80s were very exciting times. North Sea activity is rising again because satisfactory, lower cost development methods have been devised, without, of course, any compromising of safety standards. It has demonstrated great flexibility and the ability to cope with major change and, above all, has developed a speed of reaction that has been surprising to many.
