Provisional figures released today by the UK’s offshore oil and gas trade association, ‘Oil & Gas UK’, show the UK’s offshore production up.
The figures, for the first half of 2015, show a 2.5% increase on production from 2014. If the trend continues for the remainder of the year, it will be the first rise in UK oil and gas production in 15 years.
The figures show oil produce to be up by
Behind The Figures
The results are being largely put down to the investment in existing fields within the UK sector of the North sea. This has ensured greater integrity within the offshore infrastructure and resulted in far less downtime of offshore oil and gas production facilities.
Oil & Gas UK have also said that another contributor to the production improvement is the large Nexen operated, Golden Eagle field coming on stream in November 2014. The Golden Eagle field, 70km north east of Aberdeen, is expected to peak its production at 70,000 barrels of oil equivalent a day in 2015.
Chief executive of Oil & Gas UK, Deirdre Michie added, “Clearly the oil price – which has more than halved since this time last year – continues to really challenge the industry. However, this positive news can indeed be attributed to the effort and investment industry has put into improving the integrity and performance of UKCS assets – something we’ll look to explore in further detail in our Economic Report 2015.