[NTBKtrader]

Britain's North Sea oil and gas production continued its decline in August, with combined daily average down 17 percent from July's output.

According to the latest monthly index from the Royal Bank of Scotland, oil production fell by over 200,000 barrels per day to an average of only 1.2 mbdp. This compares with 1.7 mpb at the beginning of the year.

Gas output, which is also in decline, decreased by 17 per cent to 5,665 million standard cubic feet per day (mmcfd) compared to July.

In January 2006, gas production average 9,831 mmcfd).

The bank said that part of the fall was due to ongoing summer maintenance but that it expected a rebound in production when maintenance finished in September.

It also believed that the longer-term decline in production, which started in 2000, should be halted temporarily in the wake of strong investment and increased activity due to record prices.

http://www.irna.ir/en/news/view/menu-23 ... 191906.htm

[TorrKing]

$this->bbcode_second_pass_quote('NTBKtrader', '
')It also believed that the longer-term decline in production, which started in 2000, should be halted temporarily in the wake of strong investment and increased activity due to record prices.

[morph]

does anyone know the average % year on year decline in oil and gas production from the north sea?

[DantesPeak]

Interesting how depletion is actually accelerating over time. 'Strong investment' halting declines? Ha.

Get ready Cantarell.

[pup55]

This calls for some graphs:





UK and Norway pretty much make up what is happening in the North Sea.

[kevincarter]

I’ve just found an article in Spanish made by an economist, I can’t translate the whole thing just now. It talks about how the North sea is depleting and the more empty it gets the more they invest on it. So you get this situation where things seem to go wonderful. In Aberdeen nobody is unemployed and the economy is just booming, contractors can’t keep up with the demand and everybody has record salaries, all that thanks to the great investments made, or so he says. He also says its the final orgy before it turns into a ghost town (well... with other words)

So it seems that high oil prices due to depletion translate in high investments in the industry which I guess translate in higher prices in oil and then higher investments again and so on.

The thing that I don’t get is:
If they are investing way more than the non peaking countries, how come they still can get a benefit?

He ends up the article getting all positive quoting sentences like “depletion is faster than what we expected”, “there is only one way from now on and its down”, “infrastructures are too old” or “it’s going to be a great challenge just to try to stop the drop, nobody is even talking about increasing production anymore” etc,



article

[Ayame]

$this->bbcode_second_pass_quote('kevincarter', '
')The thing that I don’t get is:
If they are investing way more than the non peaking countries, how come they still can get a benefit?