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Sancho Panza

North Sea Faces Record Fall In Oil And Gas Production

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Telegraph 21/8/13

' Oil & Gas UK said it now expected average output to fall to between 1.2m and 1.4m barrels of oil and gas per day (boepd) this year, down from 1.54m boepd in 2012.

Malcolm Webb, Oil & Gas UK chief executive, warned of a “worrying decline” in the amount of time existing oil and gas fields spent producing, despite hailing record levels of investment, at £13.5bn this year.

The group abandoned its earlier forecast, set in February, which had predicted that production would see only a “marginal” decline, of as little as 2.5pc, to between 1.45m and 1.5m boepd in 2013.

The figures highlight the challenge facing the industry in extracting the remaining potential from the North Sea. In 2003, production stood at almost 4m boepd, but has fallen every year since. '

I wonder if the UK Govt ever looks at Norways Oil Fund with a sense of envy.

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Like we'd have had that, Thatcher would have privatised it off to the spivs in the City. What sort of country needs a wealth fund!

She would have sold it off to us first, then we would have sold it onto the spivs and we would have thought it a good deal

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Like we'd have had that, Thatcher would have privatised it off to the spivs in the City. What sort of country needs a wealth fund!

It is effectively privatised as they buy stocks and shares, property and other investments, each transaction taking a slice along the way.

You see, there is only one person who makes these things work....you.

Thank you Mr Drone.

the Wiki article discusses calls for taking the fund and using it for Government finance....It wont be long before it too is consumed.

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Six hours electricity per day and no drinking water either. Woot!

They'd better do something quick though about generating power. The graph shows just how unexpected this decline has been. :P

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