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  • In Oil Price Plunge, North Sea Industry Faces Perfect Storm

In Oil Price Plunge, North Sea Industry Faces Perfect Storm

Khalid and his brother Ibrahim, who blew himself up at Brussels Airport, were already known to authorities for violent crime.
Khalid, 27, was sentenced in 2011 to five years in prison for car-jacking. Ibrahim, 30, was jailed in 2010 for shooting a Kalashnikov assault rifle at police after a robbery. Released in 2014, he has been sought since mid-2015 for breaching parole conditions.

Low prices are causing turmoil internationally in an industry that has been going through booms and busts ever since 1859, when the first drilling rig was built in Titusville, Pennsylvania.
For the North Sea, each new bust accelerates its downward spiral, hurting the countries that tap it - Britain, Norway and to a lesser extent the Netherlands.
Norway on Thursday slashed interest rates in a bid to help the economy manage the oil sector's drop. In Britain, the government this week offered tax relief to oil companies to protect jobs and stem a decline in government income. Tax revenue from the industry dropped to 2.1 billion pounds ($3 billion) last year from 10.9 billion pounds in 2011-12.

The doldrums are evident in the port of Cromarty Firth, a small deepwater estuary near the Scottish town of Inverness at the back door of the central North Sea. In the past, the port usually housed two rigs at a time as they underwent periodic maintenance.
Now it hosts 10 - split roughly between rigs that are expected to be dismantled and those that are parked in hopes that higher oil prices will mean new contracts.

WASHINGTON (AP) - The web portal used by millions of consumers to get health insurance under President Barack Obama's law has logged more than 300 cybersecurity incidents and remains vulnerable to hackers, nonpartisan congressional investigators said Wednesday.

The report was released by Republican committee chairmen in the House and Senate on the sixth anniversary of the Affordable Care Act, even as the administration was talking up the achievements of the law, which has extended coverage to millions previously uninsured. Lawmakers asked the administration for more detail on security issues.

In a formal response to GAO, the Health and Human Services department said the security and privacy of consumer data is a top priority. The administration accepted the agency's recommendations for improvements.
Separately, GAO said it also submitted 27 cybersecurity recommendations in a report that isn't being made public due to its sensitive nature.

Most of the incidents over nearly 18 months seemed to have involved electronic probing by hackers. HealthCare.gov offers subsidized private health insurance for people who don't have access to workplace coverage.
FILE - In this Oct. 6, 2015 file photo, the HealthCare.gov website, where people can buy health insurance, is displayed on a laptop screen in Washington.The web portal used by millions of consumers to get health insurance coverage under President Barack Obama's law logged 316 security incidents in just under 18 months, said a report Wednesday, March 23, 2016, by nonpartisan congressional investigators.

And in the period of transition, there is uncertainty for those who depend on oil for their livelihoods.
In Aberdeen, the Scottish city at the heart of North Sea oil, restaurants are empty at lunchtime. Hotel parking lots are barren. Helicopters once busy ferrying workers are parked on the tarmac.
It's common to hear conversations about people who have been laid off or are barely hanging on. Retired engineer Ken Forbes, 70, suggests the high-fliers made rich by oil are "coming down to Earth with a big bang."

North Sea will close in the next five years.
"There is a sort of perfect storm," said Dorrik Stow, director of the Institute of Petroleum Engineering at Heriot-Watt University in Edinburgh, Scotland. "Those cumulative factors are going to negatively impact on the North Sea unless there is a fairly significant upsurge in the price of oil."
Brent crude, the benchmark for international oil, hit a 12-year low of $27.10 a barrel in January amid slowing economic growth in China and increased production in the U.S. That's down from more than $100 a barrel as recently as September 2014. While prices have recovered somewhat, Brent traded for about $42 on Friday and most experts don't expect a significant rebound soon.

Some of the region