Why don’t they convert to another eco industry like making solar panels or something?
Yes poor individuals but the cancer system must be broken
Geology is determinative in extractive industries.
North Sea production peaked at around 4.4 MMbbl/d oil eq from ’95 to ’02. The reason its declined to 1.5 MMbbl/d for the period since 2014 (⅔ oil, ⅓ NG) has nothing to do with regulation or protesters. The ‘low hanging fruit’ of large, relatively shallow deposits is exhausted. What’s left is smaller deposits, much more costly per bbl to produce and break even. If the price of Brent futures rose and remained stable around $150/bbl, there’s be more offshore activity, but the UK will never produce 4.4 MMbbl/d again.
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Why don’t they convert to another eco industry like making solar panels or something?
Yes poor individuals but the cancer system must be broken
Geology is determinative in extractive industries.
North Sea production peaked at around 4.4 MMbbl/d oil eq from ’95 to ’02. The reason its declined to 1.5 MMbbl/d for the period since 2014 (⅔ oil, ⅓ NG) has nothing to do with regulation or protesters. The ‘low hanging fruit’ of large, relatively shallow deposits is exhausted. What’s left is smaller deposits, much more costly per bbl to produce and break even. If the price of Brent futures rose and remained stable around $150/bbl, there’s be more offshore activity, but the UK will never produce 4.4 MMbbl/d again.