Oil: when will it run out?

The curtain will fall on North Sea oil production by 2012 if not enough is done to maintain development and exploration, according to a forthcoming report from the Offshore Industry Liaison Committee (OILC).

The report, due out by the end of September, will reignite the debate on depletion rates in the North Sea.

The OILC report will claim that while in the short- term there has been a slow-down in the rate of decline, from 17% in April to 8% in August, the long-term outlook is that the rate of decline will be established at 17% by 2007/2008 without significant increases in investment.
Sunday Herald