facebook
twitter
search
search

North Sea may see short energy boom

Dec. 6, 2012 at 7:00 AM

LONDON, Dec. 6 (UPI) -- A Scottish university report says oil and natural gas production in the North Sea could increase dramatically but not as much as the government expects.

A report from the University of Aberdeen says oil production from the region could reach 1.4 million barrels per day in 2017 as new fields come online, The Daily Telegraph newspaper in London reports. Production last year declined more than 15 percent to 1.04 million bpd.

For natural gas, the university study said a short-term boom through 2015 but warned of a "brisk" decline for the latter half the decade. The report blamed the economics of field development and infrastructure as contributing factors to declines.

The University of Aberdeen study is, overall, lower than the 20 billion barrels of oil equivalent expected by the Department of Energy and Climate Change, the Telegraph reports.

The bulk of the region's energy reserves lie in the North Sea. The U.S. Energy Department's reporting agency said the country remains a net energy importer.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Compact cannon for British armored vehicles
Ford recalls 432,000 North American vehicles over software bug
Aetna to acquire Humana for $37 billion in cash, stocks
New Zealand military receives medium heavy military trucks
BBC to lay off 1,000 people to make up for $234M in lost revenue