UKCS Oil, Gas Production Set to Rise for First Time in 15 Years
Oil & Gas UK announced Monday that oil and gas production from the UK Continental Shelf (UKCS) is set to rise for the first time in 15 years, according to provisional figures from the Department for Energy (DECC).
The improved performance is believed by Oil & Gas UK to be partly due to production from the large Golden Eagle field, which only started producing in November 2014, as well as stronger delivery from existing assets. The latest news on the UKCS comes one month ahead of the publication of Oil & Gas UK’s Economic Report 2015, which is an annual guide to the current health and future prospects of the UK offshore oil and gas industry.
Deirdre Michie, Oil & Gas UK chief executive, commented in an Oil & Gas UK statement:
"Recent provisional figures from the Department for Energy suggest that oil and gas production from the UK Continental Shelf over the first six months of this year could be 2.5 percent higher than the same period last year. It’s still early days, but initial indications suggest that production could increase this year for the first time in fifteen years.
"Provisional data for the first six months of 2015 show liquids production to be up around three percent and net gas production to be up around 2.5 percent this year, compared to the first six months of last year. Production in the second quarter of the year looks particularly encouraging and early figures suggest that May saw the most oil and gas produced on the UKCS since March 2012. We will be able to discuss annual estimates with more certainty by the end of the summer maintenance season, as figures for July and August are historically the most uncertain."
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