North Sea oil will last longer
NZPA-Reuter London Britain will continue to be a major producer of crude oil for at least 25 years, the Energy Secretary, Mr Cecil Parkinson, said yesterday. “It is a very promising picture,” he told Parliament. “Our reserves are going to last for a considerably longer period than anyone ever originally dreamt of.” When North Sea exploration began in the 19605, officials forecast that Britain would revert to being a net importer of oil and gas by the 19905. Britain has a current net export capacity of about 800,000 barrels a day of crude oil. Output has been falling steadily as giant, mature fields dry up, and the Government does not expect to match the 1985 peak of about 2.6 million bpd again. Mr Parkinson said the last two years had been good with new discoveries and record exploration and investment. Last year alone the Government approved 24 developments representing an investment of £3.2 billion (SNZB.6B), he said. The Department of Energy estimates Britain will continue to be self-sufficient into the next century.
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Press, 17 May 1989, Page 37
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178North Sea oil will last longer Press, 17 May 1989, Page 37
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