There has been some negative talk of the North Sea in recent months including from a very ‘green’ Edinburgh University professor but leaders in the industry have known better. In particular, they have realised that new technologies will have a part to play in extending the life of fields. See:
An Edinburgh University Professor says North Sea oil and gas has only ten years left while the Wall Street Journal describes it as an ‘oil hot spot’ and Oil and Gas UK doesn’t recognise his figures. Who’s right?
The Captain field, 90 miles off Aberdeen was discovered in 1977 and 40 years later is producing 24 000 barrels of oil and 3 million cubic feet of gas per day. Now the majority owner, Chevron, plans to pump polymers in to make the oil less viscous and thus flow more easily. Recovery is expected to be increased by 5-7% using this method. It’s thought the same technology could also extend the life of other North Sea fields
Mainstream media reporting on the North Sea rarely seem to be aware of this kind of thing.