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The North Sea
Member rating: No Rating | Words: | Submitted: Wed Nov 10 2004
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North Sea The North Sea contains Western Europe's largest oil and natural gas reserves and is one of the world's key non-OPEC producing regions. Norway and the United Kingdom hold the majority of the North Sea's reserves and production. Denmark, the Netherlands, and Germany have smaller North Sea oil and natural gas resources. Information contained in this report is the best available as of August 2004 and is subject to change. GENERAL BACKGROUND North Sea oil and natural gas were first discovered in the 1960s. The North Sea, however, did not emerge immediately as a key non-OPEC oil producing area until the 1980s and 1990s, when major discoveries began coming online. Oil and natural gas extraction in the North Sea's inhospitable climate - cold and windy - and at great depths requires sophisticated offshore technology. Consequently, the region is a relatively high cost producer, but its political stability and proximity to major...
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