by Andreas Exarheas
Tuesday, March 12, 2019
UK oil and gas production increased by more than 4 percent last year, according to a new report by the Oil and Gas Authority.
UK oil and gas production increased by more than four percent last year, according to a new report by the Oil and Gas Authority (OGA).
The report revealed that oil and gas output in the UK averaged 1.7 million barrels of oil equivalent (boe) per day in 2018, with oil production alone coming in at 1.09 million barrels per day. Oil output in 2018 was 8.9 percent higher than 2017 and the highest UK oil production rate since 2011, the report highlighted.
Looking at future output, the OGA’s latest report projected UK oil and gas production over the period 2016–2050 to be 11.9 billion boe, which is 3.9 billion boe higher than projections four years ago.
“The 3.9 billion barrels identified is great news with 2018 being a productive year. New discoveries such as Glendronach and Glengorm highlight the future potential of the basin which could be boosted further with new investment, exploration successes and resource progression,” Head of Performance, Planning and Reporting at the OGA, Loraine Pace, said in an organization statement.
“The OGA continually supports industry in efforts to revitalize exploration, through Area Plans and promoting new technologies,” Pace added.
Total revealed the Glendronach discovery in September last year. The Glengorm find was announced by CNOOC earlier this year.
The OGA’s role is to regulate, influence and promote the UK oil and gas industry in order to maximize the economic recovery of the UK’s oil and gas resources, according to the organization’s website.
Earlier this month, the OGA appointed former UK Energy Minister Tim Eggar as its new chairman. Eggar took up his new position on Monday.
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