Tuesday, 04 August 2021 09:14

UKCS production set for first increase in 15 years

UKCS production set for first increase in 15 years

Oil and gas production from the UK Continental Shelf over the first six months of 2015 could be 2.5% higher than the same period last year, according to new figures.

The provisional statistics have been released by the Department for Energy, and show that production could increase this year for the first time in fifteen years.

Over the first six months of 2015, liquids production was up around 3% and net gas production increased by 2.5%, compared to the same period in 2014. The figures also suggest that May saw the most oil and gas produced on the UKCS since March 2012.

Oil & Gas UK believes the improved performance is in part due to the large Golden Eagle field, which began producing in November 2014, alongside stronger delivery from existing assets.

Chief Executive Deirdre Michie said: “Clearly the oil price – which has more than halved since this time last year – continues to really challenge the industry. However, this positive news can indeed be attributed to the effort and investment industry has put into improving the integrity and performance of UKCS assets – something we’ll look to explore in further detail in our Economic Report 2015.

“At our Annual Conference earlier this summer, I opened the discussion around how the oil and gas industry must become sustainable in a world with a considerably lower oil price. As demand for our products remains strong, critical for our transport and heating our homes and giving us a whole host of everyday products, it is imperative we continue on this journey if we are to continue to ensure the UK remains a commercially attractive and predictable place in which to invest.”

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