Preliminary data from the British Department of Energy and Climate Change show total domestic production of oil in the three months ending in January dropped off 3.6 percent while gas production declined by 1.1 percent compared with the same period last year. Total 2014 production of petroleum was down 2.3 percent “as a result of long-term decline and maintenance activity,” though natural gas production was up slightly by 0.3 percent “The overall rate of decline in 2014 was the lowest for 12 years at 1.5 percent compared with the average decline of 7.9 per cent over the previous 10 years,” the department said. A February report from industry body Oil & Gas U.K. found a bright spot in an otherwise “bleak” year for North Sea […]