1 February 2004
UK: Production forecasts slip
OIL FIRMS have cut their forecasts for UK North Sea oil and gas production. Based on a survey of its 29 members, the industry body, UK Offshore Operators' Association (UKOOA), has reduced its expectations for hydrocarbons output this year and says its targets for 2005 and 2010 are unlikely to be met. UKOOA forecasts that just over 3.7m barrels of oil equivalent a day (boe/d) will be produced this year, which would be 280,000 boe/d lower than volumes predicted for 2004 in the same survey a year earlier. Production in 2003 was estimated at just over 4m boe/d. The 4m boe/d production target for 2005 set by Pilot, the government and industry forum, is 'now unlikely to be met'. The 2010 vision of
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