North Sea production changes shape as big players offload their ageing assets

From: Scotland on Sunday | Date: January 19, 2003| Author: | Copyright information

LAST week BP sold its Forties oilfield to a US company, Apache, in a 1.3bn dollars deal and consigned another chapter of the history of the North Sea oil industry to the dustbin.

Discovered in 1970, it was the first major find in the North Sea and within three years it was pumping 500,000 barrels per day. Several years later, Shell discovered the even larger Brent oilfield, which lends its name to the benchmark for crude prices in the UK.

In the aftermath of the first oil crisis sparked by the Opec cartel in 1973, oil majors invested billions in building up production in the North Sea.

Now ...

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