Malcolm Webb, chief executive of Oil & Gas UK, submitted the following illustrations to show the recent status and short to medium term outlook for UK North Sea operations. Links to public sources of further information are summarized on the facing page. Capital expenditure • Total expenditure reached almost £17 billion on exploration, developments, and operations last year. • In more than 40 years to 2011, the industry has spent £486 billion (in 2011 money) by: • Investing £310 billion in exploration drilling and field developments. • Spending £176 billion on production operations. Capital investment • With a number of large developments receiving field approval in recent years, c...

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