North Sea Oil

History of the discovery and extraction of oil and gas from the North Sea.

In light of the North Sea's major role in today's world petroleum market, these essays examine the structure of the market, the international framework and tax regime, the function and mechanism of forward dealings, and price behavior.

Becoming the centre of public debate during the 2014 Scottish referendum, the North Sea oil forms a crucial chapter in Scottish history. Written by an industry insider, a combination of lightly technical explanation and anecdotal accounts explore the process of developing new oil fields and oil production. A poignantly human perspective of a lucrative and challenging industry, Shepherd highlights the importance of the reserves to a nation, and the impact of the production surge upon the men and women of the local community in Aberdeen.

Written by the leading expert in UK petroleum economics, this study provides a new, unique, in-depth analysis of the development of British policies towards the North Sea oil and gas industry from the early 1960s to the early 1980s. Drawing on full access to the UK Government’s relevant archives, Alex Kemp examines the thinking behind the initial legislation in 1964, the early licensing arrangements and the events leading up to the boundary delimitation agreements with Norway and other adjacent North Sea countries. He explains the debate in the later 1960s about the appropriate role of the state in the exploitation of the gas and oil resources, the prolonged negotiations resulting in the early long-term gas contracts, and the continuing debate on the role of the state following the large oil discoveries in the first half of the 1970s resulting in the formation of BNOC (British National Oil Corporation). The debate leading up to the introduction of, and subsequent increase in, the Petroleum Revenue Tax is fully explained as is the introduction of Supplementary Petroleum Duty. The author also outlines the debates around interventionist depletion policies and on how the oil revenues should best be utilised. The Official History of North Sea Oil and Gas will be of much interest to students of North Sea oil and gas, energy economics, business history, and British politics, as well as to petroleum professionals and policymakers.

Written by the leading expert in the history of UK energy, this study provides new, in-depth analysis of the development of UK petroleum policies towards the North Sea based on full access to the Government’s relevant archives.

Monograph describing the development and economic implications of natural gas and petroleum found in the North sea coastal waters of the UK - discusses the extent of these petroleum resources, their value as energy source and their economic impact relating to the balance of payments, investment, economic growth, power supply trends, energy policy, petroleum industry offshore installation development, etc. Charts, diagrams, graphs, references and statistical tables.