North Sea evolution to track Gulf of Mexico model

Second of two articles on development prospects off EuropeThe North Sea (for purposes of this article the UK, Norway, and Denmark) produced about 6.5 million b/d of oil in 2001, representing about 14% of non-OPEC (Organization of Petroleum Exporting Countries) production. Even with high depletion rates and declining field size, the North Sea will continue to be a sizable producer of crude oil for the foreseeable future. Heidrun oil field is one of 11 fields off Norway that each produces more than the UK's largest field. Photo courtesy of Conoco.Click here to enlarge imageOur view is that the companies that were best positioned to originally develop and produce the giant fields of the No...

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