ABSTRACT
The exploitation of North Sea oil and gas has been one of the most important developments in the entire post-Second World War history of the British economy. Its importance has several dimensions, including the direct and indirect contributions to national output, the balance of payments, tax receipts and the PSBR, and the incentive effects on British industry. At a still wider level the presence of North Sea oil and gas has significantly influenced the UK’s foreign policy and relationships, notably with the EEC, but also with other oil producing and consuming nations. This history has been primarily concerned with the development and assessment of Government policies, with emphasis on explanations of the evolution of the decision-making process, but with no systematic discussion of other aspects such as the undoubted technological achievements. Assessment of policies can only sensibly be undertaken in the context of stated objectives, though the degree to which the latter are appropriate should also be considered.
