Since the first UK licenses were issued in 1964, 42 Bbbl of oil have been produced from the British North Sea, and it is estimated that there could be up to 24 Bbbl remaining. Since the production peak in 2009, output has declined steadily, due in part to increasing basin maturity, lower drilling activity levels and a changing fiscal regime. However, the recent introduction of tax breaks for brownfield projects, small fields and HPHT fields, to name a few, could spark renewed activity on the UK Continental Shelf (UKCS).
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