UK’s oil, gas output fall to persist

A sharp decline in production of oil and gas from under British waters is set to persist into next year, industry leaders have warned.

Oil & Gas UK, the industry group that represents offshore operators in British waters, said it expected average North Sea oil and gas production to fall further to between 1.2 million and 1.4 million bpd this year.

This comes as the output dropped by almost a third between 2010 and 2012 to 1.55 million bpd.

Oil & Gas UK warned of unplanned shutdowns on offshore platforms for maintenance on aging infrastructure or following accidents despite record investment this year of £13.5 billion.

The organizationâ„¢s chief executive Malcolm Webb described the output slum as “a worrying trend that could have a major influence on the longevity of the UK Continental Shelf”.

The industry is seeking to lift oil and gas output back to the 2 million barrel a day mark by 2017 despite rising concerns over the cost of extracting the average barrel of oil.


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Republished from: Press TV