Peak Oil in Britain

 UK oil output falls below 1 million barrels a day

* UK oil production falls to 984,000 bpd in June

* Output down from peak over 2.7 million bpd in 1999

Reuters,

8 Septeber, 2011

LONDON, Sept 8 (Reuters) - UK oil production fell below 1 million barrels per day (bpd) for only the second time in more than 30 years this summer as maintenance exacerbated a decline in output from depleted North Sea oilfields.

The British sector of the North Sea pumped 984,000 bpd of oil in June, down from just over 1 million bpd in May and a peak of more than 2.7 million bpd in 1999, industry data show.

"The decline is worrying," said Mike Tholen, economics director of industry lobby Oil & Gas UK.

Britain first produced commercial quantities of oil in 1975 and the country has enjoyed billions of dollars in revenue over the last 35 years as its light, high quality grades of crude oil have become a benchmark for the international spot market.

It was a net oil exporter until 2005.

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