Tuesday, 6 July 2010

North Sea still has oil to yield

Spotted in the online city pages of the Daily Mail was this story regarding North Sea Oil.

Whilst North Sea Oil supply has been in steady decline since 1999 when the UK produced 2.9 million barrels a day (the figure for 2009 was just 1.4 million), there are those smaller exploration firms which continue to search and find new oil field sites.

As the article puts it, with billion dollar discoveries in Central Africa, Asia, South America etc and the Gulf of Mexicom the larger players have deserted the North Sea.

However, these smaller companies point to the tax revenues that can be generated by the British Government by their efforts as well as slowing the slide towards Britain's dependency on foreign fuel imports.

"It could be 20 years before the 24bn barrels of oil in the North Sea runs out, says Hitchens, but until then production will continue to decline, leaving Britain at the mercy of foreign oil and gas suppliers."

It's an interesting, if a little heavy on the investment side, article that's worthy of a read (click here to read it now). There's no mention of renewable energies contribution to the reliance on foreign fuel imports - perhaps they're saving that one for another day.

photo credit: magnera

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