Iran cuts off oil supplies to French, British companies

[link to www.seec.surrey.ac.uk]

"the UK ranks high in the global league of oil and gas producers. In 2004, production from the UK Continental shelf (UKCS) accounted for more oil and gas than Venezuela, Nigeria, Indonesia or Kuwait (Crawford, 2006); producing 1.3bnbbl of oil and gas in total, sufficient to provide over 80 percent of the nation’s total energy needs (Oil & Gas UK, 2006). The UK remains a major non-OPEC oil producer. In 2006, it had 4.0 billion barrels (bnbbl) of proven crude oil reserves, by far the largest of any EU member country (EIA, 2007). In the same year (2006), oil production reached 588 million bbl, providing respectively 96 percent of the nation’s oil and gas consumption.

The UK has been a net exporter of crude oil since 1981. Its largest export destinations in 2004 were the United States (28 percent), and other European countries (52 percent), chiefly the Netherlands, Germany and France (EIA, 2007).

Actual oil production in the UK sector peaked in 1999 at 2.9 million bbl/d, and has been declining since. The two main reasons given for this decline are, firstly, the overall maturity of the UKCS oil fields and, secondly, the declining size of fields, both in terms of new discoveries and developments.

Additionally, increasing unit extraction costs, in what is acknowledged to be one of the highest cost basins in the world, are damaging project economics and basin competitiveness. A shift of basin production to more remote and inhospitable areas of the UKCS is also a factor. Crude oil exports have followed a similar path to production, although they initially levelled off between 1999 and 2000 before slowly declining. Crude oil imports have risen steadily to narrow substantially the gap with exports although the UK still just remains a net exporter of crude (DTI, 2005).

In terms of natural gas, the UK is the fourth-largest producer of natural gas in the world. But in 2004, the country became a net importer of natural gas for the first time since 1996. In 2006, gas production reached 85 billion cubic meters (bcm) providing 92 percent of the nation’s gas needs (Oil & Gas UK, 2006).

Since 1975, the UKCS has undergone major changes. One fact that clearly emerges is the decline in the average size of fields during the 1990s, compared with the early development of the North Sea. Discoveries now average at 20-30 million barrels of oil equivalent (mmboe). This is 50 to 100 times smaller than the fields on which the North Sea was built (Oil & Gas UK, 2006).
A minority of fields account for the majority of aggregate reserves. The largest five fields account for 37 percent, the largest 10 for 52 percent and the largest 20 for 71 percent of the total reserves (Watkins, 2000). However, 29 of the UK major UK fields peaked prior to 1994 (DTI, 2005). By 2000, they had total oil production declines of more than 50 percent from their maximum production levels (Blanchard, 2000).

To counteract the rapid decline of mature fields, new but smaller fields are being brought on- line at an increasing rate. From 1985 to 2006, the number of producing fields on the UKCS has increased three-fold. Although it took 25 years for the first 100 fields to be brought on- line it took only six years to bring the second 100 fields on-line (Blanchard, 2000). As might
Can the North Sea Still Save Europe? Page 8 of 25 be expected, however, the fields found during subsequent periods have become progressively smaller, with an average discovery size of 25 to 30 mmbbl of oil equivalent. That is modest compared to the larger UK fields, like Forties and Brent, with an average size above 2,400mmboe (Sem and Ellerman, 1997). Furthermore, many of the new smaller fields have lifetimes of 10 years or less. In an extreme example, Dauntless field was brought on-line in August 1997 and was terminated in April 1999 (Blanchard, 2000).

In a survey carried out by Nakhle (2005), 40 percent of respondents agreed that despite the maturity of the UKCS, the UK North Sea era has not ended yet. Similarly, according to a study carried out by UKOOA and WoodMackenzie in 2004, there are still substantial opportunities to be accessed if the UK remains internationally competitive and can sustain current investment.

If successful the UK could still be producing the equivalent of 65 percent of its total oil requirements in 2020 and delay decommissioning by 10-15 years, making a major contribution to the UK’s security of energy supply. In stark contrast, if the UK becomes less attractive to new investment, then the UKCS will only provide the equivalent of 15 percent of total UK oil demand by 2020 (Oil & Gas UK, 2006). Consequently, the UKCS can either face a rapid decline, hence exposing the UK to an increasing dependence on oil imports, or production can be sustained for a longer period of time, hence extending the benefits to various stakeholders.

The same scenarios apply to gas. The UK will remain a significant producer of gas for years to come. According to Oil & Gas UK (2006), current production plans are only expected to deliver about 10 percent of UK gas demand in 2020, but, with sustained investment, UKCS production could still meet around 25 percent of such demand1.

Just a question:

How much oil Iran uses to export to Britain every month?

Why is this not PINNED!!

Wake up MODS!

Why is this not PINNED!!

Wake up MODS!

they wait until DoorBert will post that!

now would be a great time for a months long blizzard and ice storm to clean up the euro gene pool before we enslave them all as serfs and concubines )

now would be a great time for a months long blizzard and ice storm to clean up the euro gene pool before we enslave them all as serfs and concubines )

we?

fit russkies and chinks maybe, but you tubsters?

nah!

shut up with the bs flag... don't you know how to google?!?

[link to rt.com]

When Iran cuts off US oil, the invasion begins. Iran nukes Israel, US nukes Iran, China, Russia nuke US, UK, Japan, etc. Titor was right.

Titor is getting pretty accurate. I wonder if the us survivors, if any, will start civil war part two. Alternate timeline or not, this is getting interesting as hell!

I hate to tell you but the sanctions already in place prevent anyone buying oil from Iran....

i heard iran has electricity too now...

let's bomb them

"The French news agency AFP says the decision is not expected to have a big impact. Last year France bought only 3% of its oil - 58,000 barrels per day (b/d) - from Iran and the UK imported even less Iranian oil."

Did anybody actually read the article?

Iran oil burse is opening in March. Up to now they have been trading without the dollar only on biproducts from oil but as from March Iran will be selling oil without the dollar.
Iran is also selling oil to India in return for Gold and they will be negotiating with China in yuan. Iran has agreed with China if they can not recieve money for its oil then they will buy goods in return.

It is 2012 after all
Did we not expect the grand opening?

i wish we weren't ruled by Zionists