Unfortunately, because of significant investment in a North Sea oil play by a subsidiary, Westar Petroleum, as well as bad timing in a mining investment by another subsidiary, Westar Mining, the company ran into financial trouble.
He is the author of several books on topics including Scottish history, nationalism, North Sea oil, the British political novel and European regionalisation.
Since the 1960s, and the North Sea oil boom of the 1970s, however, housing development has surrounded the area, in particular with the nearby Tillydrone development.
The petroleum industry in Aberdeen began with the discovery of significant oil deposits in the North Sea during the mid 20th Century.
Founded in 1916, Runavík has an important port, originally used predominantly by fishing boats but now also a key supply base for the North Sea oil industry as well as a trans-shipment port for freight to and from Europe.
Walter Wolf (born 5 October 1939) is a Canadian oil-drilling equipment supplier who in the early 1970s made a fortune from the North Sea oil business and decided to join the world of Formula One (F1) motor racing.
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It would use Carbon capture and storage (CCS) technology, by pumping the carbon dioxide gas into depleted North Sea hydrocarbon fields.
Like oil, natural gas is often found underwater in offshore gas fields such as the North Sea, Corrib Gas Field off Ireland, and the Sable Offshore Energy Project in the Scotian Shelf near Sable Island.