BP Chairman Paints Rosy Picture of Post-Peak North Sea Oil, or Does He?

British North Sea oil production peaked in 1999. Then output stood at just over 3 million barrels a day. Latest figures put that output today at around 1.5 million barrels per day. Yet Lord Browne of BP [LSE:BP; NYSE:BP], addressing a conference in Aberdeen has hit back at those who say the days of North Sea production are numbered.

�The North Sea has been of crucial importance to BP,� he said. �It remains so today and I believe it will retain its importance for us, and indeed the whole industry, for many years to come.�