North Sea oil has about 15 to 25 years of active production left, with output projected to decline sharply toward 2050. About 90 per cent of the total recoverable oil and gas have already been drained. I can't imagine oil companies investing time and money in erecting new rigs, which takes at least five years before they come operational from making to using, or 10 per cent of recoverable oil. Profits at BP have surged to a four-year high after the war in the Middle East pushed up oil prices. The oil giant reported a profit of $5.73bn (£4.26bn) between April and June.