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Worldwide market forces threaten North Sea wealth

Journal Article:

Abstract

The challenges that the petroleum industry faces in winning all the oil resources in the North Sea are reviewed. All these hydrocarbons that will soon sustain governments, bolster the standard of living, and bring profits to investors will one day be gone, perhaps. The author says, ''if demand for oil continues to rise by a few percent each year for the next 25 years the prospect of the North Sea drained of its riches is real. Even if Britain makes no more demands on it than those needs of today, the global concept of the oil business will mean that other markets will place the North Sea reserves at risk of exhaustion. Two major factors affect this assumption: market forces and government-implemented depletion rates.'' After explaining these two assumptions, the author graphically portrays what life will be like when petrol becomes a luxury item. It is forgotten that the hydrocarbons are being consumed in a lifetime, when it took several millions of years to put them together. (MCW)
Authors:
Publication Date:
Jan 01, 1977
Product Type:
Journal Article
Reference Number:
EPA-04-001545; ERA-03-015180; EDB-78-032410
Resource Relation:
Journal Name: Engineer; (United Kingdom); Journal Volume: Special Issue
Subject:
29 ENERGY PLANNING, POLICY AND ECONOMY; 02 PETROLEUM; 03 NATURAL GAS; ENERGY CONSERVATION; NATURAL GAS; CONSUMPTION RATES; RESERVES; NORTH SEA; NATURAL GAS FIELDS; PETROLEUM DEPOSITS; PETROLEUM; ECONOMICS; ENERGY CONSUMPTION; ENGINEERING; ENVIRONMENTAL IMPACTS; FORECASTING; GEOLOGICAL SURVEYS; GLOBAL ASPECTS; INVENTORIES; MARKET; METALLURGY; NATURAL GAS DEPOSITS; PETROLEUM INDUSTRY; PROFITS; TAXES; UNDERWATER FACILITIES; UNDERWATER OPERATIONS; ATLANTIC OCEAN; ENERGY SOURCES; FLUIDS; FOSSIL FUELS; FUEL GAS; FUELS; GASES; GEOLOGIC DEPOSITS; INDUSTRY; MONOPOLIES; SEAS; SURFACE WATERS; 294002* - Energy Planning & Policy- Petroleum; 294003 - Energy Planning & Policy- Natural Gas; 020700 - Petroleum- Economics, Industrial, & Business Aspects; 030600 - Natural Gas- Economic, Industrial, & Business Aspects
OSTI ID:
5380575
Country of Origin:
United Kingdom
Language:
English
Other Identifying Numbers:
Journal ID: CODEN: ENGIA
Submitting Site:
TIC
Size:
Pages: 140, 141, 143, 145
Announcement Date:

Journal Article:

Citation Formats

Booth, D. Worldwide market forces threaten North Sea wealth. United Kingdom: N. p., 1977. Web.
Booth, D. Worldwide market forces threaten North Sea wealth. United Kingdom.
Booth, D. 1977. "Worldwide market forces threaten North Sea wealth." United Kingdom.
@misc{etde_5380575,
title = {Worldwide market forces threaten North Sea wealth}
author = {Booth, D}
abstractNote = {The challenges that the petroleum industry faces in winning all the oil resources in the North Sea are reviewed. All these hydrocarbons that will soon sustain governments, bolster the standard of living, and bring profits to investors will one day be gone, perhaps. The author says, ''if demand for oil continues to rise by a few percent each year for the next 25 years the prospect of the North Sea drained of its riches is real. Even if Britain makes no more demands on it than those needs of today, the global concept of the oil business will mean that other markets will place the North Sea reserves at risk of exhaustion. Two major factors affect this assumption: market forces and government-implemented depletion rates.'' After explaining these two assumptions, the author graphically portrays what life will be like when petrol becomes a luxury item. It is forgotten that the hydrocarbons are being consumed in a lifetime, when it took several millions of years to put them together. (MCW)}
journal = {Engineer; (United Kingdom)}
volume = {Special Issue}
journal type = {AC}
place = {United Kingdom}
year = {1977}
month = {Jan}
}