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The country is one of the world’s leading oil producers, and in 2020, oil and gas contributed £13.8 billion to the Scottish economy and supported 100,000 jobs. [1] Commercial extraction of oil on the shores of the North Sea dates back to 1851, when James Young retorted oil from torbanite (boghead coal, or oil shale) mined in the Midland ...
According to The New York Times, the Aberdeen oil industry's success can be partially credited to its role in developing undersea technology for offshore drilling. [ 5 ] The most severe disaster to occur in the region took place in 1988, when the city was dealt a heavy blow by the loss of 167 men during an explosion and fire aboard an offshore ...
Map of oil and gas fields. This list of oil and gas fields of the North Sea contains links to oil and natural gas reservoirs beneath the North Sea.In terms of the oil industry, "North Sea oil" often refers to a larger geographical set, including areas such as the Norwegian Sea and the UK "Atlantic Margin" (west of Shetland) which are not, strictly speaking, part of the North Sea.
Following the purchase of an offshore lease in 2005, Shell initiated its US$4.5 billion Arctic drilling program in 2006, after the corporation purchased the "Kulluk" oil rig and leased the Noble Discoverer drillship. [104] [105] At inception, the project was led by Pete Slaiby, a Shell executive who had previously worked in the North Sea. [106]
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There could be up to 3.18 billion cubic metres of oil and gas still to recover from the UK's offshore fields. In 2017, capital investment in the UK offshore oil and gas industry was £5.6 billion. Since 1970 the industry has paid almost £330 billion in production tax. About 280,000 jobs in the UK are supported by oil and gas production.
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