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Around this time, Brent and others started to go into decline. A drilling campaign was instituted on Brent and a lot of other platforms in order to try and bring production up: Horizontal drilling, 'Kebab' drilling (into slump structures and isolated traps hitherto not easy to reach). The technology was available, the price was right.
Hence the two peaks and a new lease of life. Short of very major discoveries, the second peak will be the last.
So if I understand well, it was just unfortunate that Piper accident coincided (more or less) with Brent's decline. That is what exacerbated the drop after the first peak.