May 2019
Featured in this insight: Oil & gas
Oil and gas production is rising: The production of oil and gas has increased by more than 4% between 2018-2019, according to the Oil and Gas Authority (OGA).
The OGA stated that the average UK output per day in 2018 was 1,700,000 barrels of oil equivalent. The volume of oil being produced equated to 1,090,000 barrels per day. In 2018 oil output was 9% higher than in 2017, which was the highest UK production rate since 2011.
Looking at the future oil forecast, the output projected for period between 2016-2050 will be around 11,900,000,000 barrels of oil equivalent, which is 3,900,000,000 higher than previously thought four years ago.
This increase means that 2018 can be considered a productive year.
Head of Performance, Planning and Reporting at the OGA, Loraine Pace, said:
“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.”
“The OGA continually supports industry in efforts to revitalize exploration, through Area Plans and promoting new technologies.”
View more of our sector specific insights: Oil & gas
