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North Sea oil output has fallen sharply from its peak

North Sea production peaked at 4.4 million barrels of oil equivalent per day around the turn of the century, and revenues once reached nearly 10% of the UK tax take at times.

Reported · Written up by our desk · Europe

The Guardian Business reports that the amount of economically viable oil and gas in the North Sea has declined rapidly since output peaked around the turn of the century.

The outlet points to historical milestones behind the basin’s political and economic role, including early oil discoveries off the north-east coast of Scotland in September 1969 and statements from UK leaders that framed North Sea oil as a major economic opportunity.

By the peak of production, the North Sea produced 4.4 million barrels of oil equivalent a day, supporting offshore jobs and well paid work centered around Aberdeen.

The story also notes that at times North Sea oil revenues approached 10% of the UK’s total tax take, and that the basin has remained a symbol of prestige and a resource for political debate even as output dwindles.

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