North Sea oil and gas bounce may be short-lived
The UK oil industry’s trade body is cautious over prospects for the maturing oil province
Scant exploration activity and flat capital expenditure remain concerning for a UK North Sea industry that faces a battle to replace maturing hydrocarbons reserves, despite a projected rise in production this year and progress with some major projects. The latest Business Outlook from industry body Oil and Gas UK forecast oil and gas production on the UK Continental Shelf (UKCS) would rise by around 5% in 2018 to 620m-640m barrels of oil equivalent (boe), assuming new fields come on stream as planned and existing field operators can maintain efficiency improvements seen since the oil price crash of 2014. Given the sector downturn and the maturity of the North Sea oil province, companie
Also in this section
15 May 2024
Five years ago, Uzbekistan turned to a private company called Saneg to reverse the fortunes of its oil industry. Results so far are encouraging, and according to CEO Tulkin Yusupov, further progress is on the way
13 May 2024
But optimism about island nation checked by competition around African upstream investment and history of false dawns
9 May 2024
Pipeline boosts Canada’s oil industry by widening its export options, making it less reliant on US market and bringing Asia into the mix
1 May 2024
Energean CEO Mathios Rigas looks to results of critical Anchois appraisal well