The “Projections of UK Oil and Gas Production and Expenditure Report” published by the OGA, expects that UK oil and gas production over the period 2016–2050 is reaching 3.9 billion barrels of oil equivalent (boe) higher than projections four years ago (in March 2015).
In 2018, oil production rose to 1.09 million barrels per day, which is 8.9% more than in 2017 and the highest UK oil production rate since 2011. Gas production fell by 3.5% to 0.61 million boe per day.
This increase in oil production can be attributed to over 30 new fields coming onstream since 2015 but also to improved production efficiency and asset integrity, the realisation of enhanced oil recovery (EOR) projects and the UK’s offshore licensing rounds’ continued focus on associated exploration, appraisal and development commitments states the OGA.
