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Can the North Sea Still Save Europe?

  • Carole Nakhle


    (Surrey Energy Economics Centre (SEEC), Department of Economics, University of Surrey)

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    In the 1980s and 1990s the North Sea emerged as a key non-OPEC oil producing province. Yet today overall production is declining, in both the British and Norwegian sectors and the big oil companies and investors are losing interest in what they now see as a mature province. But apparent maturity is not a bar to new prospects and new possibilities. This paper analyses not merely the still significant potential of the North Sea, but also the wider and increasingly attractive prospects offered by the opening up of the High North, the Barents Sea and part of the Arctic region – all areas of rapidly growing interest which are on Europe’s doorstep. Success will depend heavily on key questions such as the world oil price trend, technological advance and the structure of fiscal regimes for oil and gas extraction. But the opportunities are there and they could be to Europe’s great advantage.

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    Paper provided by Surrey Energy Economics Centre (SEEC), School of Economics, University of Surrey in its series Surrey Energy Economics Centre (SEEC), School of Economics Discussion Papers (SEEDS) with number 119.

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    Length: 32 pages
    Date of creation: Oct 2007
    Date of revision:
    Publication status: Published in OPEC Energy Review 32(2), 2008, pp. 123-138. (Revised Version)
    Handle: RePEc:sur:seedps:119
    Contact details of provider: Postal: Guildford, Surrey GU2 5XH, UK
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    1. Managi, Shunsuke & Opaluch, James J. & Jin, Di & Grigalunas, Thomas A., 2005. "Technological change and petroleum exploration in the Gulf of Mexico," Energy Policy, Elsevier, vol. 33(5), pages 619-632, March.
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