UK Oil and gas production up more than 4%

UK Oil and gas production up more than 4%

Oil and gas production in the UK increased by more than 4 per cent in 2018, new figures show.

Oil and gas production in the UK increased by more than 4 per cent in 2018, new figures show. Oil production rose to 1.09 million barrels per day last year – up 8.9 per cent on 2017 and the highest rate since 2011, according to an Oil and Gas Authority (OGA) report.

The body attributed the rise to more than 30 new fields coming on-stream since 2015 and improved production efficiency, among other factors.

UK gas production fell 3.5 per cent to 0.61 million barrels of oil equivalent (boe) per day.

The OGA currently estimates that oil and gas production over the period 2016-2050 will be 3.9 billion boe higher than projections made in 2015.

This is equivalent to gaining an additional four years’ production – at the present rate – from the UK’s largest producing oil field, it said.

The report data was provided at the start of the year by UK continental shelf oil and gas operators.

Loraine Pace, of the OGA, said: “The 3.9 billion barrels identified is great news, with 2018 being a productive year.

“New discoveries such as Glendronach and Glengorm highlight the future potential of the basin which could be boosted further with new investment, exploration successes and resource progression.”

Source: The Scotsman

Published: 11-03-2019