UK To Be Permanent Net Oil Importer In 2007
Date: Monday, October 02 @ 23:46:48 PDT
Topic: Production; Extraction; Exploration
The U.K. is set to become a permanent net importer of crude oil and refined products in 2007 - three years earlier than the U.K.'s Department of Trade and Industry expects, according to the U.K.-based Oil Depletion Analysis Centre Monday.
Depletion rates of the U.K.'s oil and gas reserves in the North Sea are occurring faster than expected and production coming onstream in the next few years from new fields won't be enough to compensate, said ODAC director Douglas Low.
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