UK Investment Trends In The North Sea

Law360, New York (November 19, 2012, 11:37 AM EST) -- Since the first oil produced in 1967, the U.K. North Sea has been a cash cow for the U.K. government and petroleum companies alike. Around 40 billion barrels of oil equivalent (bnboe) have been produced to date. Each year, North Sea petroleum production, currently averaging around 4 million bnboe per month, returns £8 billion to U.K. Treasury coffers and a further £12 billion is spent by the industry in the U.K.

However, production in the North Sea has been declining each year since peak oil in...
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