Scottish Oil, Gas Production Increases 21.4% YoY

Scottish oil and gas production increased by 21.4 percent this year, compared to 2014-15, according to official figures from the Scottish Government.

In the financial year 2015-16, oil and gas production in Scotland, including Scottish adjacent waters, is estimated to have been 70 million tons of oil equivalent.

The approximate sales value of oil and gas produced in Scotland is estimated to be $17.6 billion (GBP 13.4 billion), which marked a decrease of 23.5 percent compared to last year.

In 2015-16, operating expenditure, excluding decommissioning, on oil and gas production in Scotland is estimated to be $8.9 billion (£6.8 billion), down 6.7 percent compared to the previous year. Capital expenditure on oil and gas fields in Scottish waters is estimated to be $13.4 billion (GBP 10.2 billion), down 17.6 percent compared to the previous year.

“The production increase we can see from today’s figures is the result of not only the hard work industry has done to improve efficiency, but also the massive boost of investment we have seen in recent years, which peaked at a record GBP 14.8 billion ($19.5 billion) of capital investment in 2014,” said Adam Davey, market and intelligence manager for industry body Oil & Gas UK.

“While the efficiency drive by industry has helped to reduce the cost of doing business in the region, more needs to be done to ensure the UK Continental Shelf is an attractive investment proposition for those looking to undertake new exploration and develop assets,” he added.

“Oil & Gas UK’s flagship Economic Report, due out later this month, will provide more evidence on why industry, governments, HM Treasury and the Oil and Gas Authority must work together to create a low tax, high activity province which can continue to support the important supply chain based here and position our sector in the best place to take advantage of any potential upturn,” Davey continued.

A graduate in journalism from Cardiff University, Andreas has eight years of experience as a business journalist. Email Andreas at andreas.exarheas@rigzone.com

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