o current production levels of 2.5 MMboe/d, or an average decline rate of 6%/yr. This happened despite steadily increasing capex levels. Figure 31 North Sea Oil Production TO:0 60:0 1./KCS 444. NCS .00.16001, SOS COMIC San* Nan.* Bant EA cacao 500:0 40000 a WOO A 20000 10000 0 Despite multi-year trends, tw