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Oil

In: Public Expenditure Policy, 1984–85

Author

Listed:
  • Paul Cockle

    (Data Resources Inc.)

Abstract

Oil was first discovered in the North Sea in 1969; Phillips Petroleum developed the ‘Ekofisk’ field in the Norwegian sector in 240 feet of harsh, hostile water. British Petroleum started the UK oil boom when they found the huge ‘Forties’ field in November 1970. Within five years, 24 oil fields capable of economic development had been discovered in the UK North Sea sector. Britain has a small share of the Norwegian ‘Statfjord’ field. All these fields are now on stream with one or more production platforms in place and a full complement of producing wells drilled. The small ‘Argyll’ field discovered by Hamilton Brothers in August 1971 was the first to start production in June 1975. It is currently operating at its maximum output of 36,000 barrels per day (b/d). This was followed three months later by the mighty ‘Forties’ field which alone is capable of supplying almost a third of current UK oil demand which is running at some 1.5 million b/d.

Suggested Citation

  • Paul Cockle, 1984. "Oil," Palgrave Macmillan Books, in: Paul Cockle (ed.), Public Expenditure Policy, 1984–85, chapter 5, pages 77-87, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-17623-6_5
    DOI: 10.1007/978-1-349-17623-6_5
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