North Sea oil reserves: half full or half empty?

The impending decline of North Sea crude oil production shows that yet another major oil province is entering its final production phase.In addition to providing further evidence of accelerating global oil depletion, this trend points to Europe's increasing dependence on imported oilWhile the steepness of the North Sea production decline slope can be ameliorated somewhat, the inevitable consequence will have important implications for supply-demand patterns worldwide.HistoryInitial interest in the North Sea's hydrocarbon potential was triggered in 1959 by the discovery of giant Gronigen gas field in the Netherlands.This find "caused geologists to revise their thinking on the petro...

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