Upstream outlays of $40 billion expected off Europe in 2006

With nearly 450 offshore fields developed to date, offshore Europe is the world’s largest offshore oil and gas producing province and is responsible for some 24% of the global offshore total.Despite being mature with oil production having reached its peak in 2000, the province’s prospects again seem bright as $70 oil drives a surge of applicants for new licenses.More than 90 billion bbl of oil and gas equivalent have been produced in the North Sea to date, with estimated remaining reserves at 70 billion bbl and a possible 40 billion bbl yet to be found.A different futureEach year, Europe’s summer offshore show alternates between the competing regional oil capitals of Abe...

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