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Projections of UK Oil and Gas Production and Expenditure 2018 Report

Projections of UK Oil and Gas Production and Expenditure 2018 Report

Oil and gas production in the UK increased by more than 4% in 2018, averaging 1.7 million boe per day, according to new report from the Oil and Gas Authority.

The “Projections of UK Oil and Gas Production and Expenditure 2018 Report” estimates that UK oil and gas production over the period 2016–2050 is projected to be 3.9 billion barrels of oil equivalent (boe) higher than projections four years ago (in March 2015).

Compared with the previous projection last year, this is equivalent to gaining an additional four years of production (at the present rate) from the UK's currently largest producing oil field.

In 2018, oil production alone rose to 1.09 million barrels per day - up 8.9% on the previous year and the highest UK oil production rate since 2011.

This increase can be attributed to over 30 new fields coming onstream since 2015, improved production efficiency and asset integrity, the realisation of enhanced oil recovery (EOR) projects and the UK’s offshore licensing rounds’ continued focus on associated exploration, appraisal and development commitments.

Meanwhile in 2018, gas production fell by 3.5% to 0.61 million boe per day; Operating Costs (OPEX) rose slightly and capital expenditure again fell significantly in the basin.