RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2016-01-05 16:35:00

UK OIL & GAS UP 7%

UK OIL & GAS UP 7%

New statistics indicate that UK oil and gas production rose by between 7% and 8% in 2015, the first increase in production in 15 years, industry body Oil & Gas UK has said.

Though full-year figures for 2015 have not yet been released, chief executive of Oil & Gas UK Deirdre Michie said that based on actual figures for the first 10 months and expected figures for the final two months of the year, overall production levels could be as much as 8% higher than 2014.

"Government data for the first 10 months of 2015 shows that the total volume of oil and gas produced on the UK Continental Shelf (UKCS) was up 8.6 per cent compared with 2014, with the production of liquids up 10.6% and gas up 6.1%," Ms. Michie said in a statement.

"Output in November and December tends historically to be more stable, but even so, Oil & Gas UK now expects year end production for the full year of 2015 to be 7 to 8% higher than last year."

However, though the body welcomed the news, Ms. Michie warned that the UK oil and gas industry still faces challenges in the coming year, particularly because of the oil price crisis.

"While the UK offshore oil and gas industry is having to adapt to the low oil price and driving greater efficiencies throughout its operations the fact is that the value of our product has more than halved," she said. "Times are really tough for this industry and for the people working in it. We will continue to see job losses as we move into 2016 and we must be thoughtful and supportive of our colleagues and their families who are being made redundant or who are at risk of being made redundant."

In the same statement, Oil & Gas UK said that the industry needed to continue to "raise its game" to maintain its competitiveness globally and to continue to attract investment.

As part of that aim, the industry is working to achieve a 50% reduction in drilling costs to ensure the basin remains globally competitive.

Additionally, the body said, the UK government and HM Treasury will "have an important role to play in delivering regulatory reform and the Treasury's Driving Investment plan."

Last year, the United Kingdom faced a particularly difficult year for redundancies in the oil and gas sector, with a reported 5,500 jobs lost across the oil and gas industry from late 2014 to the beginning of September 2015.

In November 2015, a survey from Aberdeen & Grampian Chamber of Commerce also revealed that both confidence and activity on the UK Continental Shelf was at an all-time low.

naturalgaseurope.com

-----

More: 

UK MANUFACTURING DOWN 

UK LOST 5,000 JOBS 

U.K. ENERGY PRIORITIES 

THE NEW RUSSIAN EMPIRE - 10 

BRITAIN'S WORST DOWNTURN

Tags: BRITAIN, OIL, GAS
Chronicle:
UK OIL GAS UP 7%
2021, December, 7, 17:39:00
TRANSPORTATION OIL AND GAS CONGRESS, 21th-22th of February, 2022
Business and Technical Views On The Market At The Transportation Oil and Gas Congress 2022
UK OIL GAS UP 7%
2021, December, 7, 17:38:00
LEARN THE LATEST GLOBAL LNG TRENDS WITH LNGCON 2022
The next edition of the International LNG Congress (LNGCON 2022) takes place in Dusseldorf, Germany on March 28-30, 2022. Covering the whole LNG value chain, the Congress brings together decision makers of the industry to tackle the most relevant issues such as the role of LNG in the transition towards zero-carbon shipping.
UK OIL GAS UP 7%
2021, December, 7, 17:37:00
ENERGY WEEK CENTRAL ASIA & MONGOLIA 2022
To learn more, join the upcoming high-level international investment conference Energy Week Central Asia & Mongolia 2022, which will take place on 26-28th April in Tashkent.
UK OIL GAS UP 7%
2021, December, 7, 17:36:00
WORLD GAS CONFERENCE 2022
The 28th World Gas Conference (WGC 2022) takes place in Daegu, the energy city of Korea in May 2022.
UK OIL GAS UP 7%
2021, December, 7, 17:35:00
RENEWABLE ELECTRICITY FOR INDIA 8 GW
Power Grid Corporation of India Ltd (PGCIL), through its subsidiary Central Transmission Utility of India (CTU), had earlier filed a petition to execute power transmission infrastructures for up to 18.5 GW of renewables energy zones in southern India
UK OIL GAS UP 7%
2021, December, 7, 17:30:00
DUTCH RENEWABLES 5.2 GW
The proposals include 5,170 MW of renewable projects, of which 4,132 MW are solar PV projects, 243 MW geothermal projects and 151 MW biomass projects.
UK OIL GAS UP 7%
2021, December, 7, 17:25:00
WIND FOR SWEDEN
Sweden has currently around 200 MW of operational offshore wind capacity, on top of 9.8 GW of onshore wind capacity
All Publications »