• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 2 hours One Last Warning For The U.S. Shale Patch
  • 9 hours Once Upon A Time... North Korea Abruptly Withdraws Staff From Liaison Office
  • 10 hours Oil Slips Further From 2019 Highs On Trade Worries
  • 2 hours Modular Nuclear Reactors
  • 1 day Chile Tests Floating Solar Farm
  • 10 hours Poll: Will Renewables Save the World?
  • 3 hours Climate change's fingerprints are on U.S. Midwest floods
  • 5 hours Read: OPEC THREATENED TO KILL US SHALE
  • 2 days China's E-Buses Killing Diesel Demand
  • 2 days China's Expansion: Italy Leads Europe Into China’s Embrace
  • 2 days Trump Tariffs On China Working
  • 2 days Biomass, Ethanol No Longer Green
  • 1 day US-backed coup in Venezuela not so smooth
  • 2 days New Rebate For EVs in Canada
Oilfield Services Might Not Fully Recover Till 2025

Oilfield Services Might Not Fully Recover Till 2025

The global oilfield service sector’s…

“Perfect Storm” Drives Oil Prices Higher

“Perfect Storm” Drives Oil Prices Higher

Oil prices have risen far…

UK Oil Production Set For Decline

UK oil

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 billion (3.5 billion pounds) in 2021 and US$3.31 billion (2.55 billion pounds) in 2024.

Still, despite the negative trend, the Oil and Gas Authority has updated its long-term production projection to 2050. Now, the authority expects the cumulative output of oil and gas for the period between 2015 and 2050 to be 3.9 billion barrels of oil equivalent higher than it projected in March 2015 and 200 million barrels of oil equivalent higher than OGA’s September 2018 projection.

The increase in cumulative production will be the result of lower operating costs, which will combine with enhanced efficiency in oil and gas recovery in the North Sea, OGA said. New field development will also help this increase. In 2015-2050, according to these projections, the UK will have produced 11.9 billion barrels of oil and gas.

Interestingly enough, the decline in production will come just a year after output—including crude oil and natural gas liquids—hit a seven-year high of 1.09 million bpd, thanks, the OGA said, to the launch of 30 new fields since 2015 along with better asset integrity and more enhanced oil recovery projects at legacy fields.

Operating costs have been falling over the last three years but are on their way up. As of last year, these averaged US$15.07 (11.6 pounds) but are set to rise to US$15.98 (12.3 pounds) this year and reach US$16.76 (12.9 pounds) per barrel in 2024.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News