North Sea production slump casts doubt on the Govt figures
By Ian Fraser Financial Editor
A MARKED downturn in North Sea oil production means that the UK will become a net importer of oil at least three years earlier than the government anticipates, according to new figures from the Royal Bank of Scotland.
Even the contribution from the Buzzard field – which will add about 180,000 barrels of oil per day from 2007 – is seen as insufficient to prevent a looming dependence on the vagaries of world markets.
The Department of Trade & Industry is sticking to its prediction that the UK will not become a net importer of oil on a sustained annual basis until 2010.
However, figures from the RBS Oil & Gas Index show production from the UK continental shelf unexpectedly shrank to 1.5 million barrels per day (bpd) in October, 8% down on the previous month and a 14% fall on October 2004.
( Click here to read the rest of the story )
A MARKED downturn in North Sea oil production means that the UK will become a net importer of oil at least three years earlier than the government anticipates, according to new figures from the Royal Bank of Scotland.
Even the contribution from the Buzzard field – which will add about 180,000 barrels of oil per day from 2007 – is seen as insufficient to prevent a looming dependence on the vagaries of world markets.
The Department of Trade & Industry is sticking to its prediction that the UK will not become a net importer of oil on a sustained annual basis until 2010.
However, figures from the RBS Oil & Gas Index show production from the UK continental shelf unexpectedly shrank to 1.5 million barrels per day (bpd) in October, 8% down on the previous month and a 14% fall on October 2004.
( Click here to read the rest of the story )
posted by Oil Shock at 2:36 PM
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