• 7 minutes Get First Access To The Oilprice App!
  • 11 minutes Japanese Refiners Load First Iran Oil Cargo Since U.S. Sanctions
  • 13 minutes Oil prices forecast
  • 17 minutes Renewables in US Set for Fast Growth
  • 8 hours Chinese FDI in U.S. Drops 90%: America's Clueless Tech Entrepreneurs
  • 5 hours Socialists want to exorcise the O&G demon by 2030
  • 49 mins Russian Message: Oil Price War With U.S. Would Be Too Costly
  • 11 hours Good Marriage And Bad Divorce: Germany's Merkel Wants Britain and EU To Divorce On Good Terms
  • 23 hours Cheermongering about O&G in 2019
  • 33 mins Oil CEOs See Market Rebalancing as Outlook Blurred by China Risk
  • 2 days Is Natural Gas Renewable? I say yes it is.
  • 1 day Duterte's New Madness: Philippine Senators Oppose President's Push To Lower Criminal Age To 9
  • 2 days North Sea Rocks Could Store Months Of Renewable Energy
  • 15 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 2 days Making Fun of EV Owners: ICE-ing Trend?
  • 2 days Emissions from wear of brakes and tyres likely to be higher in supposedly clean vehicles, experts warn
  • 5 hours WSJ: Gun Ownership on Rise in Europe After Terror Attacks, Sexual Assaults

UK Reviews North Sea Oil Rigs to Determine How to Increase Production

Ed Davey, the secretary of state for energy and climate change, has announced that the UK’s oil rigs in the North Sea face challenges if they are to continue producing at a decent rate, which he believes possible. On Monday he said that “although we have produced a lot of barrels in the North Sea, there is an awful lot there still to be produced as well.”

He has commissioned a review into how oil production in the North Sea can be maximised. According to the Guardian, the report, due in early 2014, will consider the falling exploration and production rates, ageing infrastructure, declining efficiency, and the risk of premature decommissioning, “all these challenges need to be addressed if we are going to get the maximum economic benefit from the UK,” stated Davey.

Related article: Canadian Company Strikes Deal for LNG Exports to Europe

Sir Ian Wood, a 45 year veteran oilman from Aberdeen, who retired last year from his position at the Wood Group oil and gas services company his grandfather founded, will lead the review. He will use his expertise to advise how to; extend the life of existing infrastructure, improve efficiency, and use alternative and enhanced techniques to extract tighter oil.

Malcolm Webb, the CEO of Oil & gas UK, warned that the North Sea will never return to its prime, when it was producing 4 million barrels of oil equivalent (BoE) a day in 2000, but he has faith that production could rise from the current 1.5 million to 2 million BoE by 2017. “Too many people have decided because we are now mature … that we are somehow over the hill and nothing could be further from the truth.”

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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