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2016-03-29 18:40:00

UK OIL PRODUCTION UP

UK OIL PRODUCTION UP

 

  BRITAIN OIL & GAS FIELDS

 

 

BRITAIN PETROLEUM PRODUCTION 1995 - 2015

 

After many years of decline, production of petroleum and other liquids in the United Kingdom (U.K.) increased by about 100,000 barrels per day (b/d) in 2015. The largest contribution to this increase came from fields that were brought online in the second half of 2014. Significant increases also came from fields that came online in 2015, and from improved performance of the U.K.'s largest producing field, the offshore Buzzard field. A similar year-over-year increase in production volumes hasn't occurred since 1998, when petroleum and other liquids production grew by slightly more than 100,000 b/d.

The U.K. is the second-largest liquids producer in Europe (after Norway), producing one million b/d in 2015. This amount is large among European countries but small in the global market, and the U.K. remains a net importer of petroleum and other liquids. More than 97% of its liquids production in 2015 came from offshore fields, where petroleum development projects have long lead times. The majority of the offshore crude and condensate fields that began production in 2015 were approved in 2012 or earlier when oil prices were much higher.

In response to current low oil prices, U.K. producers have begun to slow plans for new development. Given the long lead times associated with offshore production, this will likely have ramifications in the two-to-five year timeframe (2018-21). In the U.K., project developers must receive governmental approval of their field development plans (FDP) prior to developing a field. The number of FDPs approved in 2015 was less than half the number approved in 2013 or 2014. Additionally, although the number of FDPs approved in 2014 was similar to the number approved in 2013, the investment associated with the fields approved in 2014 was much lower.

 

BRITAIN INVESTMENTS OIL PRICES 2005 - 2015

The current lull in both new field approvals and incremental development approvals could lead to significant production declines in the United Kingdom in 2018 and beyond. However, in 2016 and 2017, several already-approved fields where investment is already committed are expected to begin production, at least partially offsetting production declines from existing fields.

 

BRITAIN OIL PRODUCTION 2015 - 2019 FORECAST

 

eia.gov

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More: 

BRITAIN CUT TAXES: $1.4 BLN 

UK INVESTMENT DOWN 90% 

UK'S OIL & GAS SUPPORT 

BRITISH GAS PRICES DOWN 40% 

UK OIL & GAS UP 7%

 

 

 

Tags: BRITAIN, OIL, GAS, PRODUCTION

Chronicle:

UK OIL PRODUCTION UP
2018, October, 17, 10:05:00

U.S. IN EUROPE

REUTERS - The United States must not determine European energy policy or decide whether Germany buys Russian gas, a top German diplomat said on Tuesday.

UK OIL PRODUCTION UP
2018, October, 17, 10:00:00

TOTAL IN RUSSIA: THE LARGEST

FT - “Total has great ambition in this country, we want to be the largest foreign oil and gas player here,” the company’s chief executive Patrick Pouyanné said on Monday at the launch of a factory outside Moscow. 

UK OIL PRODUCTION UP
2018, October, 17, 09:55:00

PETROBRAS - CNPC COOPERATION

PLATTS - Petrobras is to form two joint venture companies with China National Petroleum Corp. (CNPC) to complete construction of a refinery and revitalize four mature fields in the offshore Campos Basin, the state-owned Brazilian company said

UK OIL PRODUCTION UP
2018, October, 17, 09:50:00

NORWAY'S DEFENCE

BLOOMBERG - The wealth fund’s initial case had focused on limiting Norway’s exposure to a drop in oil prices, given its status as western Europe’s biggest petroleum producer. When the proposal was first made last year, it rocked markets, and drew responses from a number of major investors.

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