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Without New Infrastructure $500 Billion of Oil may be Left in the North Sea

Crude oil production in the North Sea has been declining for years as the mature fields come to the end of their operational life and oil majors begin to concentrate on more profitable, promising developments elsewhere around the world.Just because these old fields are entering their final years of production does not, however, mean that there is no oil left in the North Sea. In fact Hannon Westwood has estimated that there still remains some 4.88 billion barrels of oil equivalent in recoverable reserves, worth around $500 billion.These oil reserves…

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via OilPrice.com Daily News Update http://oilprice.com/Latest-Energy-News/World-News/Without-New-Infrastructure-500-Billion-of-Oil-may-be-Left-in-the-North-Sea.html

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