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 NORTH
WEST EUROPE
The influence of North Sea oil and gas output in
Northwest Europe has been huge. However oil production has been in
decline since 2000 with no hope of recovery.
 Decline
in gas production has been delayed by new developments in Norway but by
2009 these will be unable to offset depletion of the traditional gas
producing areas in the Southern North Sea.
Oil demand growth in Northwest Europe is being
constrained by higher prices and the influence of new environmental
concerns but imports are growing as the North Sea declines.
Gas demand growth will continue, albeit at a slower rate,
especially for fuel substitution. Regional gas imports, which will begin
in 2006/07, will thus progressively increase, primarily from Russia but
also as LNG from Qatar and North Africa.
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