06 August 2015
The Future of the North Sea
Oil & Gas UK’s Economic Report for 2015 is published in around a month’s time to give deeper clarity on UK Continental Shelf (UKCS) production.
Until then, provisional figures from the Department for Energy (DECC) suggest oil & gas production in the region over the first six months of this year could be 2.5% higher than the same period last year.
Deirdre Michie, chief executive of Oil & Gas UK, has said it is early days, but initial indications suggest production could increase this year for the first time in 15 years, with the improved performance partly due to production from the large Golden Eagle field which only started producing in November 2014, as well as, importantly, stronger delivery from existing assets.
She said: “Clearly the oil price – which has more than halved since this time last year – continues to really challenge the industry. However, this positive news can indeed be attributed to the effort and investment industry has put into improving the integrity and performance of UKCS assets – something we’ll look to explore in further detail in our Economic Report 2015.’’
With BP this week announcing a $1billion investment in its Eastern Trough Area Project, securing the project’s future for a further 15 years to 2030, there are encouraging signs for the future of the North Sea.
Companies across the supply chain are being recognised for the efforts being made to introduce innovations in technology and ways of working that can impact on rig time and improve production. These innovations developed, tried and tested in the North Sea then have international appeal.
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