Oil & Gas UK: Industry Must Hold Firm in 'Relentless' Pursuit of Efficiency
Preventing production losses and improving efficiency is a “vital cog” in efforts to maximize economic recovery from the UK Continental Shelf (UKCS), according to Oil & Gas UK’s market intelligence manager, Ross Dornan.
“Industry needs to hold firm in its relentless pursuit of efficiency to ensure we are as competitive a basin as it can be,” Dornan told Rigzone.
“We must continue to go further and more quickly in efforts to achieve 80 percent target for production efficiency,” he added.
“This will support wider efforts to create the optimum conditions for growth,” he continued.
The UK’s Oil and Gas Authority announced Tuesday that production efficiency on the UKCS had improved for the fifth straight year, rising to 74 percent.
The 1 percent improvement from 2016 helped contribute an additional 12 million barrels of oil equivalent (boe) in 2017, or an extra 32,000 boe per day, according to a report released yesterday by the OGA.
Increased production efficiency is being achieved by “a range of methods”, according to the report, “including deployment of new technology and shifts towards efficiency cultures”.
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