North Sea oil declined 17% (!!)

UK oil production fell by 17 percent year on year in March - a decline the industry said was at odds with renewed investment in the North Sea.

Output slowed as the region revealed more evidence of its maturing fields, with figures from the Royal Bank of Scotland showing that combined oil and gas was down 13.5 per cent on the period in 2004.

- A 17% decline rate for an oil field is a huge loss. The UK economy faces dire consequences.

(2005-06-10 22:54:51 SGT) [Energy] Permalink

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