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More than 5000 entries on the history, culture and life of Britain (published in 1993 by Macmillan, now out of print)
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North Sea oil and gas
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The first indication of major reserves of oil and gas beneath the North Sea came in 1959, when natural gas was discovered in shallow water off the Netherlands. In 1966 reserves were found in deeper water off southeast England. Offshore drilling subsequently became a major industry. The search for oil and gas was licensed by the government to commercial firms in return for a tax on revenue (set in 1975 at 45%). The gas was mainly piped to the domestic market by British Gas. The flow of oil began when the first North Sea crude came ashore in April 1976 from the Forties field.
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The sea between Scotland and Norway proved to be the area richest in oil, bringing temporary prosperity to east coast ports from Aberdeen up to Sullom Voe in the *Shetlands. Estimates of how long the supply will last have constantly been revised as new fields are found, but production peaked in the mid-1980s. The oil funds went with other tax revenue into the government's current account, and some have wondered whether this unrepeatable national windfall has been well used. A major disaster in the oil fields was the explosion in 1988 of *Piper Alpha.
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