UK trade body sounds alarm on North Sea
UK The industry body’s 2016 Activity Survey further noted that spending on new projects will dip below USD 1.4 billion in 2016. Average reinvested revenues over the past five years always hovered around USD 11.3 billion per year.
Total capital expenditure for 2016 is expected to come out at USD 12.7 billion, compared with USD 20.8 billion and USD 16.3 billion in 2014 and 2015, respectively.
UKCS production came out at 1.64 million boepd in 2015, a 10% increase over 2014 and the first output growth in 15 years. However, because of lower oil and gas prices, 2015 revenues dropped by 30% to reach USD 25.5 billion.
According to UK Oil & Gas, the UKCS can still yield as many as 20 billion boe.
Recent Posts
UK allows oil exploration in North Sea wind project zones
The UK's hydrocarbons regulator has awarded 31 new exploration licences in the country's North Sea waters, Reuters reported on Friday Read More
ExxonMobil closes acquisition of Pioneer, creating Permian powerhouse
ExxonMobil announced the closing of its USD 60-billion acquisition of Pioneer Natural Resources on Friday, a move that solidifies its… Read More
BP-Eni joint venture Azule Energy enters Namibia’s Orange Basin
BP-Eni joint venture Azule Energy has entered a strategic farm-in agreement with Rhino Resources in Namibia's offshore Orange Basin, the… Read More
Chariot starts gas drilling campaign in Morocco
Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More
Touchstone acquires Trinidad E&P player Trinity
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil “optimistic and pushing forward” with Mozambique’s Rovuma LNG
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More