• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 7 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 days Does Toyota Know Something That We Don’t?
  • 2 days America should go after China but it should be done in a wise way.
  • 8 days World could get rid of Putin and Russia but nobody is bold enough
  • 10 days China is using Chinese Names of Cities on their Border with Russia.
  • 11 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 11 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 11 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 10 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 8 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 11 days Putin and Xi Bet on the Global South
  • 11 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
Azerbaijan Eyes Increased Gas Exports to Europe With Support From U.S.

Azerbaijan Eyes Increased Gas Exports to Europe With Support From U.S.

Azerbaijan's Energy Minister secures cooperation…

Canada Oil Faces Fresh Pipeline Shortage

Canada Oil Faces Fresh Pipeline Shortage

Canadian oil production could hit…

UK Faces Decline In Oil Production

The UK oil industry is facing a marked decline in production due to a drop in investment amid the pandemic, Bloomberg reports, citing data from Oil & Gas UK.

Oil production in the country already declined by 5 percent annually last year and will continue down, as spending on development and operations took a 23-percent dive to the lowest level since 2004, the industry body said.

“Most companies in our industry remain in a fragile state,” even as economies start to reopen, chief executive Deirdre Michie said. “This year is likely to remain highly challenging, as companies continue to navigate the operational issues associated with the pandemic.”

The organization sees oil production in the UK declining by another 5 to 7 percent this year and next, not just because of lower development spending but also because of maintenance outages that we delayed last year because of the pandemic.

The report comes on the heels of news that the UK government is considering a ban on new oil and gas exploration in the North Sea. The idea, The Telegraph reported earlier this week, is to facilitate the UK’s efforts in achieving its 2050 net-zero emission goals. According to the report, the ban, if agreed, will not come into effect soon but possibly from 2040. A temporary ban on licenses is also on the table.

“Any curtailment of activity by licensing constraints risks impeding the UK’s ability to deliver a net-zero future, damaging our domestic supply chain and increasing energy imports whilst exporting the jobs and skills,” Oil & Gas UK’s sustainability director, Mike Tholen, said in comments soon after the report’s publication.

“Our industry is leading the way on green technologies, including the switch to hydrogen and long-term storage of CO2. Achieving this through UK companies will require significant investment and we continue to work constructively with government to show this industry has the essential expertise and commitment to ensure delivery”.

By Irina Slav for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News