Since the first licences were issued for the extraction of oil and gas from the North Sea in 1964, about 42 billion barrels of oil have been produced. It is estimated there could be up to 24 Oil fields are relatively more profitable than gas. So given that Scottish waters are thought to generate the majority of the North Sea oil, but only half of the North Sea gas, Scotland still ends up with an estimated majority share of UK revenues generated from the North Sea.

“An Act to make provision as to the exploration and exploitation of the continental shelf.” So begins the text of the UK Continental Shelf Act, a piece of legislation that fired the starting pistol on the development of the North Sea’s Oil & Gas reserves. The first North Sea oil came ashore in June 1975 and is thought to have peaked in 1999, with more than 40 billion barrels extracted so far. There are arguments about how much oil is left but The UK has enough oil reserves to sustain production for the next 20 years and beyond, according to a new industry report. The Oil and Gas Authority (OGA) has estimated overall remaining recoverable reserves and resources of up to 20 billion barrels. Over the next 35 years or so, about 470 platforms and 10,000km of steel pipeline will need to be removed from the North Sea. Within those numbers, according to the decommissioning forecasts of the UK’s Oil and Gas Authority, 109 platforms (95 of them in the UK sector,

With estimated recoverable reserves of 8bn barrels, Clair oil field is the biggest oil field in the North Sea and Europe. Image courtesy of Chevron Corporation. Discovered in 1974, the Statfjord field started producing in 1979 and holds has approximately 4.2bn barrels of oil.

16 Sep 2017 This means it is much less expensive to extract this oil, putting Venezuela ahead of its North American rival in terms of capital requirements. 2. North Sea oil is a mixture of hydrocarbons, comprising liquid petroleum and natural gas, produced from petroleum reservoirs beneath the North Sea. In the petroleum industry , the term "North Sea" often includes areas such as the Norwegian Sea and the area known as "West of Shetland", "the Atlantic Frontier" or "the Atlantic Margin" that is not geographically part of the North Sea. READ MORE: 130 million barrels of oil found in North Sea. With the price of a barrel of oil falling from its $100 plus high of 2011 to its current status of $57 (after falling as low as $30),industry and academic reports continue to stress the importance of productivity. S ince the 1970s the North Sea has produced an awful lot of oil and gas from reservoirs deep below the ocean floor. It has made companies and individuals rich and supplied the UK with the energy it needs to fuel economic growth. Today, the North Sea is considered a mature basin in that most of the assets, Lucy King, a North Sea upstream analyst at consultancy Wood Mackenzie, believes the new research suggests the area-around 130 miles (209km) north-east of Aberdeen-could be similar to hydrocarbons-rich While there remains many years (and many billions of pounds) worth of oil and gas in the North Sea and the UKCS, drilling activity is at a 50 year low. The number of new oil and gas wells being drilled has fallen to the lowest level since 1965 – the second year that activity began in the basin.

Discover more about Shell's oil and gas operated assets in the North Sea of a fixed drilling and production platform for Gannet A, B, C, D, F and G fields.

Offshore-technology lists the biggest oil fields in the North Sea based on the latest available estimate of recoverable reserves. admin 10 March 2016 With estimated recoverable reserves of 8bn barrels, Clair oil field is the biggest oil field in the North Sea and Europe.

This list of oil and gas fields of the North Sea contains links to oil and natural gas reservoirs beneath the North Sea. In terms of the oil industry, "North Sea oil" 

GlobalData states that over 3.2 billion barrels of North Sea reserves will be produced by 256 oil fields over the three-year period, with new projects contributing 326 million barrels of crude. Conventional oil fields will be responsible for 2.9 billion barrels of production over three years and heavy oil will contribute 260 million barrels. “An Act to make provision as to the exploration and exploitation of the continental shelf.” So begins the text of the UK Continental Shelf Act, a piece of legislation that fired the starting pistol on the development of the North Sea’s Oil & Gas reserves. The first North Sea oil came ashore in June 1975 and is thought to have peaked in 1999, with more than 40 billion barrels extracted so far. There are arguments about how much oil is left but The UK has enough oil reserves to sustain production for the next 20 years and beyond, according to a new industry report. The Oil and Gas Authority (OGA) has estimated overall remaining recoverable reserves and resources of up to 20 billion barrels. Over the next 35 years or so, about 470 platforms and 10,000km of steel pipeline will need to be removed from the North Sea. Within those numbers, according to the decommissioning forecasts of the UK’s Oil and Gas Authority, 109 platforms (95 of them in the UK sector, But that isn't the evidence from the North Sea. That debacle shows the Conservatives as being as profligate as sailors on shore leave. Britain got nothing from the North Sea until the mid-70s – then the pounds started gushing. At their mid-80s peak, oil and gas revenues were worth more than 3% The North Sea oil industry is entering its final decade of production, according to new academic research that rejects Alex Salmond’s claims during the 2014 Scottish independence referendum

8 Apr 2019 The Rattray volcanic province in the central North Sea remains largely unexplored, despite being located in one of the world's most prolific- 

“An Act to make provision as to the exploration and exploitation of the continental shelf.” So begins the text of the UK Continental Shelf Act, a piece of legislation that fired the starting pistol on the development of the North Sea’s Oil & Gas reserves. The first North Sea oil came ashore in June 1975 and is thought to have peaked in 1999, with more than 40 billion barrels extracted so far. There are arguments about how much oil is left but

Since the first licences were issued for the extraction of oil and gas from the North Sea in 1964, about 42 billion barrels of oil have been produced. It is estimated there could be up to 24 Oil fields are relatively more profitable than gas. So given that Scottish waters are thought to generate the majority of the North Sea oil, but only half of the North Sea gas, Scotland still ends up with an estimated majority share of UK revenues generated from the North Sea. OGA: UK oil and gas reserves enough for 20+ years of production. The UK North Sea has another 20 or more years of production ahead based on the current reserves estimates. This could further improve if more discoveries were made and if those made were to be developed. The Rattray volcanic province in the central North Sea remains largely unexplored, despite being located in one of the world's most prolific-though now mature-regions for oil and gas production. Drillers have given Rattray a wide berth in the past, because it was believed that basalt lava flows erupting within an area of 7,000 km 2 (2,700 sq miles) from volcanoes active 165mn years ago had formed magma chambers. In 2014 it was widely reported that 42 billion barrels of oil equivalent (boe) had been taken from the North Sea since production began in the sixties, and a potential 24 billion boe could remain – equivalent to 35 years’ worth of production. However since 2014 oil production has been on a steady decline, With estimated recoverable reserves of 8bn barrels, Clair oil field is the biggest oil field in the North Sea and Europe. Image courtesy of Chevron Corporation. Discovered in 1974, the Statfjord field started producing in 1979 and holds has approximately 4.2bn barrels of oil. GlobalData states that over 3.2 billion barrels of North Sea reserves will be produced by 256 oil fields over the three-year period, with new projects contributing 326 million barrels of crude. Conventional oil fields will be responsible for 2.9 billion barrels of production over three years and heavy oil will contribute 260 million barrels.