Introduction

Oil is one of the UK's most important natural resources and the oil industry is of particular significance to the UK economy. The discovery of oil brought something new and rich to the British economy (Nelsen, 1991). The oil industry contributes significantly to the UK economy. The first full year of production from the UKCS was in 1976 and by the early 1980s the UK had become self-sufficient in oil, with crude oil exports reaching a value of £5 bn a year. This had a substantial impact on the UK's hitherto precarious balance of payments position. In 2001, oil and ...