UK Oil Production Set For Decline
UK Oil Production Set For Decline
Crude oil production in the UK will decline this year to 940,000 bpd from last year’s 980,000 bpd, the Oil and Gas Authority said in a new report, adding that output will continue to decline in the next five years as well, reaching 760,000 bpd in 2024.
Capital expenditure in the period will also decline substantially, the energy industry authority said. This year, it is seen at US$6.76 billion (5.2 billion pounds), falling to US$4.55 billio...