North Sea under Fire from Peak Oil

The North Sea peaked more than eight years ago. And peak oil has disrupted the North Sea’s oil production to the point that the UK is scrambling to exploit its vast reserves. But will they abandon their aging fields for greener arctic oil pastures?

In the early 1960s, Britain’s hope of becoming self-sufficient in oil and gas was largely a pipedream. But that nearly impossible wish was granted almost twenty years later.

The reason?

A small gas field off the cost of East Anglia was discovered by British Petroleum in 1965. Ten years later, the dream gained momentum as Hamilton Brothers began delivering the North Sea’s first oil production to the UK. Shortly thereafter, BP made a massive find in their Forties field. Exploration in the North Sea exploded, with more than a hundred installations built by the mid 1980s.

In the early 1980s, the goal had been achieved–Britain had officially become a net exporter of oil, and then a net exporter of gas under a decade later.

The millions of barrels of oil extracted every day from the North Sea had become a vital asset to the UK. Unfortunately, it was too good to last–peak oil has sunk its teeth into the North Sea.

Energy and Capital