North Sea oil: Drill, maybe, drill

Posted: May 3, 2013 in economy
Tags: , ,

UK Only Article: 
UK article only

Issue: 

Xi Jinping and the Chinese dream

Fly Title: 

North Sea oil

Rubric: 

A spurt from an oilfield in decline could keep the economy above water

FROM a distance the Elgin platform looks like an insignificant speck against the featureless expanse of the North Sea. It is only when you approach the oil-and-gas structure that outsize pipes and valves make its bulk apparent. Economically, too, Britain’s oil and gas industry is much mightier than it seems—but it is an unruly giant, and not always benign.
With Britain’s economy hovering around zero growth, tremors in the North Sea can have a big effect. In March 2012 Elgin began leaking gas, leading to a year-long shutdown. With Buzzard, one of the region’s largest oilfields, also closed for maintenance last autumn, production plunged. Falling oil and gas output was the main reason Britain’s economy shrank by 0.3% in the last quarter of 2012. It had also helped knock the economy into recession a year earlier.

Britain’s fields are old and in long-term decline. But the immediate news is …

via Economic Crisis http://www.economist.com/news/britain/21577105-spurt-oilfield-decline-could-keep-economy-above-water-drill-maybe-drill?fsrc=rss

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s