Making the North Sea Work in a $60 World

But industry still needs to take the lead in boosting exploration, according to Michie.

"Industry needs to look holistically at why exploration has slumped in recent years and work with the OGA [the UK's new quasi-independent Oil and Gas Authority] and government to address this from all angles – including better use of technology, rig availability, resourcing and access to infrastructure and finance. Drilling more wells is not the only answer as there are hundreds of undeveloped discoveries in the UKCS. There are significant efficiency gains to be made in the exploration process via better analysis of existing data on discoveries," she said.

Aberdeen's Hub Services the World

Of course, the North Sea oil and gas industry is not just about the hydrocarbons that are still contained within the basin. Decades of oil and gas production in the region has led to a number of oilfields services hubs emerging in Scotland, Norway and the Netherlands. These countries have developed, in the shape of Aberdeen, Stavanger and Rotterdam, important knowledge centers where highly-experienced engineers, geologists and other oilfield workers live and work.

This knowledge and experience is highly sought after across the world, particularly in frontier regions that are yet to develop their own highly-skilled workforces. The effect of this has been to provide much-needed additional revenues for European oilfield services companies.

For example, a 2014 report from Scottish Development International showed that exports by Scotland's oil and gas supply chain companies had grown to almost $17 billion annually – accounting for around half of the supply chain sector's total revenue. While North America remains the main region for exports by the Scottish oil and gas supply chain sector, Africa is catching up fast as demonstrated by sales to the region doubling to $3.9 billion between 2012 and 2013.

This opportunity to increase Scotland's share of the global oil and gas supply chain is why Scottish Enterprise's Rennie believes it is important to keep the domestic market strong – so that the UK industry retains and develops the skills that will be needed elsewhere in the world.

"In times of downturn or slowdown that international element becomes even more important," he said.

As we go to press, there are still many reasons to remain optimistic about the future of the North Sea as a hydrocarbon-producing region.

Exploration activity may have decreased in the basin but the industry is determined that several development projects go ahead. For example, BP is pressing on with its Clair Ridge project on the UK Continental Shelf (UKCS). Meanwhile, GDF Suez and Centrica are developing the southern North Sea's Cygnus gas project that is set to support up to 4,800 jobs during its five-year construction phase. Smaller operators are also involved in developing fields on the UKCS, with independent energy firm Premier Oil plc's Catcher field on schedule to produce first oil in 2017.

Over in Norway, Statoil is moving ahead with the development of the giant Johan Sverdrup field that is due to come on stream in 2019.

The North Sea industry is going through a tough time, for sure, but plenty of work remains in the region for people with the right skills and experience.

Read other Offshore Europe 2015-related news at bit.ly/1UyQBy7.

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