Extending the life of the North Sea
Oil and gas production is likely to sag in the coming years, but the industry won’t go without a fight
UK oil and gas production rose to 1.63m barrels of oil equivalent a day in 2017, the highest level since 2011. It would have been higher still but for the unplanned closure of the Forties Pipeline System for repair in December 2017. There's more upside to come. Consultancy Wood Mackenzie estimates the UK will produce 1.74m barrels a day in 2018, as fresh production more than offsets declines in maturing fields. The roster of developments making progress has been growing, too. The green light was recently given to the redevelopment of the Alligin and Vorlich fields by BP, and Chevron has re-tendered for the floating production and storage vessel for its Rosebank field, northwest of Shetland.
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