Ekofisk's billion barrels of oil barely taps North Sea

Ekofisk, W. Ekofisk, and Torfelt oil fields in Norway, and the British Petroleum discovery off Scotland are possibly the most important oil discoveries in the past decade, although reserves there may not compare with those found in Libya, the Middle East or Alaska's North Slope. Europe's spiraling need for energy--now increasing by one million bopd per yr--could exceed U.S. demand by 1980. As a result, both Europe and the UK constitute a virtually unlimited market for oil produced from the North Sea--an area that lies only 200 miles from one of the world's major industrial complexes and population centers. Phillips Petroleum Co. was first to discover substantial North sea oil reserves, off shore from Norway. So far, in addition to the giant Ekofisk, 2 nearby fields have been found which may double recoverable oil. The probability is high that numerous other undrilled structures in the area also contain significant quantities of hydrocarbons.