• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 2 hours Science: Only correct if it fits the popular narrative
  • 44 mins Crazy Stories From Round The World
  • 14 hours What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?
  • 19 hours EU has already lost the Trump vs. EU Trade War
  • 12 hours China's Renewables Boom Hits the Wall
  • 2 days ''Err ... but Trump ...?'' *sniff
  • 3 hours Do The World's Energy Policies Make Sense?
  • 13 hours Forget out-of-date 'dirty oil' smear, Alberta moving to be world's cleanest oil industry
  • 6 hours Impeachment Nonsense
  • 1 day Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 1 day Tesla Launches Faster Third Generation Supercharger
  • 18 hours Water, Trump, and Israel’s National Security
  • 2 days Passerby doused with flammable liquid and set on fire by peaceful protesters

Breaking News:

Russia Plans To Boost Crude Oil Exports

The Truth Behind Iran’s “Massive” Oil Find

The Truth Behind Iran’s “Massive” Oil Find

Iran’s latest massive oil find…

UK’s 2016 Oil Production Rises For Second Consecutive Year

UK Oil Rig

The UK production of crude oil and natural gas liquids increased by 4.8 percent on the year in 2016, the second annual rise in a row, the UK Department for Business, Energy and Industrial Strategy said on Thursday in its provisional figures for 2016.

Most of the growth came from fields that feed into the Flotta and Forties terminals, the department said.

However, even if the production increases in 2015 and 2016 bucked the trend of year-on-year contraction seen since 1999, production is now down to just over a third of that peak, according to the department.

The UK’s gas production increased by 3.6 percent in 2016, the third consecutive annual increase, mostly due to production from the new Laggan field west of the Shetland Isles. Still, gas production is currently less than 40 percent of the peak production seen in 2000.

Last year, UK refineries increased intake of domestically produced crude oil, the department noted. But despite rationalization of the refining capacity, refinery production “was similar to last year, down 2.4 percent”. Demand for petroleum products, however, increased by 2.5 percent, the third consecutive annual rise, with notable growth in road fuel demand and oil products for use as feedstock in the petrochemicals industry.

Related: 4.7 Billion Barrels Just Evaporated In This World Class Oil Play

Investment into the UK Continental Shelf (UKCS) sea areas, which incorporates all of the UK held parts of the North Sea, had fallen down to US$11.3 billion (£9 billion) in 2016 compared to a record US$18.58 billion (£14.8 billion) two years ago, trade association Oil and Gas UK said in its economic report for 2016. Total expenditure has dropped over the past two years, as companies cut back spending to preserve cash flows. Production, however, has risen, thanks to increased efficiency in existing assets, field restarts, and new start-ups, according to the association’s report.

By Tsvetana Paraskova 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
Download on the App Store Get it on Google Play