The UK North Sea: Resurgence in activity

UK oil production and consumption (Source: BP Statistical Review of World Energy, 2012)
UK oil production and consumption (Source: BP Statistical Review of World Energy, 2012)

The outlook for oil and gas production in the UK's North Sea looks, at first glance, rather grey. In 2011, production experienced the biggest year-on-year decrease recorded in the history of the industry. But since then, several substantial investment deals have been announced, signalling a more promising prospect. This report looks at the drivers behind the persistent interest in this mature basin.

THE UK North Sea is a mature oil and gas province. Oil and gas production peaked in 1999 and 2000 respectively, and has since declined steadily.

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Lower production means lower exports. This also means a higher share of imports, given the ...

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