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UK Oil Production Continues Decline

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posted on Sep, 2 2007 @ 11:45 AM
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UK Oil Production Continues Decline

The year-on-year decline in oil and gas production in the UK sector of the North Sea continued in June, dropping by a further combined 12.9 per cent, according to the latest monthly report by the Royal Bank of Scotland.

Oil production was down 6.1 percent on the month to 1,263,382 barrels per day and down 11.4 percent compared with June 2006. UK natural gas production fell more sharply by 20.3 percent compared to May and by 14.7 percent on the year.

The bank said that decline, which started in 2000, was continuing despite near-record investment in 2006.

Please visit the link provided for the complete story.


This decline in production has been going on for a while (see graph) but the decline is getting steeper with the slope looking very much like the mirror image of the fast rise in production when the fields came online.

This can only mean that the UK will become even more dependent on Russia and others for their energy needs.
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posted on Sep, 2 2007 @ 05:52 PM
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Originally posted by Gools
This decline in production has been going on for a while (see graph) but the decline is getting steeper with the slope looking very much like the mirror image of the fast rise in production when the fields came online.


I can argue that North sea production is being manipulated and can not compete when oil prices are still sometimes falling to 8 USD per barrel but i won't bother as global oil production is still rising in tandem with ever expanding global reserves that is not projected to become probleming until around 2050.

I did deal with the North Sea issue here:

www.abovetopsecret.com...

and it's pretty evident that it's far more economic for the oil companies to hide the massive volume of oil , by saying it's there ( who believes them these days) than for them to admit to it's existence and destroy their own profits. Their manipulation of refining speaks volumes.


his can only mean that the UK will become even more dependent on Russia and others for their energy needs.


This might mean that but it's deliberate and has nothing to do with the fundamentals of oil supply or absence of it in the ground.

Stellar



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