UK facing 'energy crunch' as North Sea oil and gas cash dries up #oil #energy


	UK facing 'energy crunch' as North Sea oil and gas cash dries up #oil #energy

JICWyllie

7-9-2009 6:35 AM

50 views

tags:

1-investment, 1-peak oil, 1-production, 2-decrease, 2-lack, 2-risks, 3-forecast, 4-uk

JICWyllie says:

The same logic applies all over the world: lack of investment leading to supply cuts even before the onset of "peak oil".

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/0fced061-3bd0-4373-8128-6226bb16a773/24DFC03D-00D1-41CC-8BE9-DE05322FF4B8/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/5779908/UK-facing-energy-crunch-as-North-Sea-oil-and-gas-cash-dries-up.html" href="http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/5779908/UK-facing-energy-crunch-as-North-Sea-oil-and-gas-cash-dries-up.html" style="font-size: 11px;">www.telegraph.co.uk</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/5779908/UK-facing-energy-crunch-as-North-Sea-oil-and-gas-cash-dries-up.html"><P>
A report by Oil & Gas UK, the industry group, showed that companies are 
  cutting back on new projects as costs rise and funding is scarce during the 
  recession. 
</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/5779908/UK-facing-energy-crunch-as-North-Sea-oil-and-gas-cash-dries-up.html"><P>
Malcolm Webb, chief executive of UK Oil & Gas, said billions of barrels 
  may never be extracted if the lack of investment causes oil and gas fields 
  to shut prematurely.
</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/5779908/UK-facing-energy-crunch-as-North-Sea-oil-and-gas-cash-dries-up.html"><P>
Domestic reserves still account for about two-thirds of all the UK's primary 
  energy needs, but reliance on foreign imports is increasing as domestic 
  production is currently dropping by 5pc a year. Mike Tholen, economic 
  adviser for Oil & Gas UK, said the fall was likely to accelerate to 
  7.5pc over the next few years.
</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/5779908/UK-facing-energy-crunch-as-North-Sea-oil-and-gas-cash-dries-up.html"><P>
In the worst case, the North Sea could provide just 500,000 barrels of oil 
  equivalent per day by 2012 – or just 12pc of the UK's energy demand. If 
  investment is maintained, domestic production could still meet 40pc of 
  Britain's needs.
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