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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 ...
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.
The UK Government revealed plans to mandate oil and gas licensing in the North Sea in a bid to reduce dependency on “hostile foreign regimes”, it will be announced in the King’s Speech.
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Job vacancies are falling and the economy is "cooling", suggesting recession may be "around the corner", according to the boss of Reed, one of the UK's largest recruitment firms.
Reed.co.uk was the UK's first online recruitment site. The launch version of the site contained few job listings, functioning more as a brochure. A second iteration, launched in 1997, featured job vacancies typed in by Reed's office receptionist in between her other duties.
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.
The field was discovered by the British government owned British Gas Corporation in December 1973 and began producing oil in 1979. Wytch Farm was sold to BP which took over as operator in 1984. [ 8 ] In May 2011, BP announced that it had agreed to sell its majority interest in Wytch Farm to Perenco , which became the new operator. [ 9 ]
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