Will June 14, 2007, be added to the list of defining dates in the history of North Sea oil? The doomsayers might think so. The chronology goes back to 1964, when the first UK offshore licence was granted.
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The future of North Sea oil
Will June 14, 2007, be added to the list of defining dates in the history of North Sea oil? The doomsayers might think so. The chronology goes back to 1964, when the first UK offshore licence was granted. Other important dates include 1967 (when the first gas field started production) and 1975 (when it was oil's turn). Production is past its peak and those of a pessimistic disposition will interpret yesterday's announcement that Shell, along with Esso, are to sell most of their northern North Sea assets as confirmation that the North Sea basin is on a slippery slope of moribundity.
