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Europe Offshore Oil and Gas
Forcast
The prospects for the recovery in drilling numbers vary considerably
across geographic regions, with deepwater drilling continuing to be
the main driver for expanding levels of activity in the market. Nearly
18,000 offshore wells were drilled around the world over the last
five years, with numbers peaking in 2007. Around $291 billion was
spent on this activity. The amount of spend is likely to grow by at
least 25% over the period to 2014.
North Sea Oil
Reserves
Europe is the world's fourth largest
producer of oil and gas, with the North Sea basins containing the
largest oil and gas reserves in Europe. With production of oil and
gas hitting a decline in the last couple of years, the European oil
and gas industry is expected to witness a recovery starting from 2011.
Major investments in new technology has prolonged the field life and
recovery factors of the North Sea fields and added to the production
of the industry. Appropriate regulatory policies and competitive fiscal
regimes have also encouraged new investment in the European oil and
gas industry, and have added life to the oil and gas production of
Europe. With the upstream oil and gas industry playing a big role
in the contribution to GDP, the European oil and gas industry has
definitely increased the security of product supply in the continent,
apart from providing several employment opportunities. |
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-- The Arctic could
hold about 22 percent of the world's undiscovered conventional oil
and natural gas resources. Jurisdictionally, the Arctic contains
portions of eight countries - Canada, Denmark (Greenland), Finland,
Iceland, Norway, Russia, Sweden, and the United States. Finland
and Sweden do not border the Arctic Ocean and are the only Arctic
countries without jurisdictional claims in the Arctic Ocean and
adjacent seas.
The United Kingdom (UK) is the largest
producer of oil and second-largest producer of natural gas in the
European Union (EU). After years of being a net exporter of both fuels,
the UK became a net importer of natural gas and crude oil in 2004
and 2005, respectively.
World’s three largest consuming
regions -- North America, Europe, and Asia-Pacific -- are all importers.
All the other regions are exporters.
Norway provided 12 percent of OECD
Europe's crude oil imports and 18 percent of its natural gas imports
in 2010. Norway is the largest oil producer and exporter in western
Europe and second largest exporter of natural gas after Russia, and
ranks fifth in world natural gas production.
Russia holds the world's largest
natural gas reserves, the second largest coal reserves, and the
eighth largest crude oil reserves. Russia was the largest producer
of crude oil in 2009, surpassing Saudi Arabia. Russia has the largest
natural gas reserves in the world and it is the second-largest producer
of natural gas.
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