Despite a much-publicized decline in new projects during 1999, British North Sea production of both oil and gas reached record levels, according to a Royal Bank of Scotland report. The production came from 168 fields, the largest number ever within the region. According to the bank's monthly oil and gas index, British North Sea crude oil production reached 2.62 million barrels per day in 1999, up 3.2% from that of 1998. Gas production averaged 9.423 billion cubic feet per day, up 12.1%. The region's combined output during 1999 was 4.93 million barrels of oil equivalent per day. The effect of higher production, together with the market price of Brent crude averaging $17.88 per barrel, helped U.K. North Sea revenue reach $53.9 million per day, or a total of $25 billion for the year, the bank reported. -Brian Gorman
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