The revival of North Sea oil and gas

Norway and the UK account for more than nine per cent of global oil and gas supplies (photo:balance/photoshoot)
Norway and the UK account for more than nine per cent of global oil and gas supplies (photo:balance/photoshoot)

The North Sea has supplied the world, and Europe in particular, with oil and gas since the 1960s. Today, it is described as a mature province, where production has peaked and the remaining reserves are smaller and often more technically challenging than those developed in the past. Yet recent large discoveries in Norway and record capital investment in the UK point to another direction: the revival of the North Sea.

THE North Sea emerged in the early 1970s as a key oil producer which was not part of the Organisation of the Petroleum Exporting Countries (OPEC).

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This followed the first oil crisis and the wave of nationalisation acr...

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