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TEven if the North Sea is a mature petroleum province, with a declining output of crude oil, it’s gotten a boost from the recent oil price spike. Natural gas output could be most positively affected, and development will affect not only the European market, but also potential supplies to the US, as well as demand for Russian gas. Total North Sea gas output is flattening as UK levels are declining and only Norway’s output is still growing.
According to Barclay’s Oil Data Review of Sept. 19, 2007, the combined oil production of Denmark, Norway and the United Kingdom is set to decline from 4.73 million bpd in 2006 to 3.99 million bpd in 2008, a loss of almost 16% over two years, further reducing Europe’s self-sufficiency in oil. Higher prices and eventually more lenient fiscal conditions might slow the decline of North Sea oil output, but hardly reverse the trend..
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