Even for BP and Shell, North Sea Remains a Hard Sell

"It is a vicious circle with the low oil price," Henry said.

M&A activity has not stopped completely and is focusing mostly on consolidating existing positions, Legate said.

The recent recovery in oil prices to around $50 a barrel was nevertheless expected to revive M&A activity in the second half of the year, she added.

BP last month doubled its interest in the Culzean gas field development to 32 percent after buying a stake from JX Nippon.

Shell and Exxon Mobil last year sold a small cluster of fields, including the Anasuria Floating Production Storage and Offloading unit, to two Malaysian firms.

(Additional reporting by Freya Berry, editing by David Evans)


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