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2019-03-22 10:10:00

BRITAIN NEED INVESTMENT $265 BLN

BRITAIN NEED INVESTMENT $265 BLN

OGJ - Oil & Gas UK estimates exploration and production companies would have to spend about $265 billion between 2019-35 to realize industry's expectations outlined in Vision 2035 on the UK Continental Shelf (UKCS).

Vision 2035 is a framework for the UKCS led by Oil & Gas UK and the Oil & Gas Authority.

An Oil & Gas UK business outlook said pretax E&P expenditure on the UKCS was about $19 billion in 2018. Pretax E&P expenditures are expected to increase to more than $19.8 billion in 2019.

The report shows UKCS production was about 619 million boe in 2018. This figure marked a 4% increase on 2017 and a 20% rise over the previous 5 years, the report said.

Despite low 2018 drilling activity, industry discovered an estimated 485 million boe last year. More new projects were approved in 2018 than the previous 3 years combined, the report said, adding that up to 15 exploration wells are expected to be drilled in 2019.

Oil & Gas UK Chief Executive Officer Deirdre Michie urged suppliers and operators to collaborate to improve costs. "Our report finds an industry that's getting better at what it does," Michie said. "However, challenges remain across parts of the supply chain with revenues and margins still under pressure."

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Earlier:

BRITAIN'S OIL GAS PRODUCTION UP TO 1.7 MBD
2019, March, 13, 10:55:00

BRITAIN'S OIL GAS PRODUCTION UP TO 1.7 MBD

British oil and gas production rose 4 percent to 1.7 million barrels of oil equivalent per day in 2018 compared with the previous year, according to the Oil and Gas Authority, an industry regulator.

 
 BRITAIN'S FUSION ENERGY
2018, December, 10, 08:20:00

BRITAIN'S FUSION ENERGY

WNN - The UK Atomic Energy Authority (UKAEA) and First Light Fusion are collaborating on a project to convert fusion reactions into heat to enable clean power production. The 'fusion island' project is to be partly funded by a grant from the Department for Business, Energy & Industrial Strategy (BEIS).

 
 SMALL BRITAIN'S NUCLEAR
2018, November, 12, 11:50:00

SMALL BRITAIN'S NUCLEAR

WNN - Advanced Nuclear Technologies - otherwise known as small nuclear or small reactor technologies - encompass a wide range of nuclear reactor technologies under development, BEIS noted. "The common attributes that these technologies share is that they are smaller than conventional nuclear power station reactors and are designed so that much of the plant can be fabricated in a factory environment and transported to site, reducing construction risk and making them less capital-intensive," it said.

 
 NORWAY'S GAS FOR BRITAIN
2018, October, 19, 11:00:00

NORWAY'S GAS FOR BRITAIN

PLATTS - Norwegian natural gas exports to the UK jumped to their highest in six months Wednesday as consistently high UK prices incentivized flows normally only reserved for wintry periods.

 
 TOTAL: GAS FOR BRITAIN
2018, September, 26, 09:05:00

TOTAL: GAS FOR BRITAIN

OGJ - Total SA made a natural gas discovery on the Glendronach prospect offshore UK West of Shetland that it believes can be commercialized quickly and at low cost by leveraging the existing Laggan-Tormore infrastructure.

 
BRITAIN'S OIL +9%
2018, March, 21, 12:25:00

BRITAIN'S OIL +9%

PLATTS - UK oil production is expected to rise by 9% this year, to nearly 1.1 million b/d, while gas output will remain flat and the longer term looks less positive, industry group Oil & Gas UK said Tuesday.

 
 RUSSIAN GAS FOR BRITAIN ANEW
2018, March, 16, 10:10:00

RUSSIAN GAS FOR BRITAIN ANEW

BLOOMBERG - While Europe as a whole gets more than a third of its gas from Russia, that share is lower in the U.K., which receives the bulk of its fuel from North Sea fields and Norway. Still, Moscow-based Gazprom PJSC was the second-biggest supplier to major industrial consumers in the U.K. last year, according to Britain’s energy regulator Ofgem.

 

Tags: BRITAIN, UK, OIL, GAS, INVESTMENT