Looking at Offshore Europe's prospects in a global context

Offshore Europe has seen over 30 years of continuous exploration and development activity, culminating in these record numbers: 438 fields in operation, producing about 6.5 million b/d of oil and condensate-about one quarter of the world's offshore oil output-and 20 bcfd of natural gas.Norway and the UK together account for 88% of oil production in the region and the Netherlands 73% of its gas. But despite its large North Sea production, Europe is a net importer of both.During 1995-99, Norway accounted for 67% of the region's new reserves that came on stream, mainly due to the start-up of Troll gas field. For 2000-04, Norway's new prospective developments are comparable to tho...

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