North Sea production slump casts doubt on government figures

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

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.

Sunday Herald