oleocene.org

Malcolm Webb, UKOOA's chief executive, said: "The survey provides a more challenging perspective on the future of the UK continental shelf than we have seen for some years. Whilst the strong level of exploration activity is welcome, the more rapid than expected decline in production; the significant cost inflation in 2006 and the forecast of a reduction in investment in 2007 are worrying.....

sharply rising costs mean that the mature UK continental shelf is increasingly exposed to lower oil and gas prices. The current low price of gas, which accounts for about 45% of total UK production, may make gas production from certain parts of the North Sea more troublesome, if sustained. High cost inflation combined with typically small opportunities and increased tax rates (now 75 percent at the top end) must make it harder to attract investment into the North Sea. Margins are shrinking...

Crude oil production in the UK in 2006 was an estimated 1.6 million b/d, while consumption was an estimated 1.7 million b/d.

GillesH38 a écrit :Ou pourquoi l'argument " si les prix montent, on trouvera toujours de nouvelles ressources" trouve ses limites....

North Sea output continues to drop despite record investment
MARK WILLIAMSON July 03 2007

The decline in oil and gas production in the UK North Sea continued in April, despite record investment in 2006, in what economists at Royal Bank of Scotland said was another sign that the province is maturing rapidly.

The latest oil and gas index from Royal Bank shows that combined average daily oil and gas production for the UK Continental Shelf stood at 2,823,141 barrels of oil equivalent per day (boe/d) in April. This was about 2.3% lower than in March, ending a run of six consecutive monthly increases. The underlying rate of production continued on a firmly downward trend, falling 7.8% compared with April last year.

The decline occurred ahead of the summer maintenance season, when production usually falls as operators have work done on rigs.
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Against the backdrop of a continuing surge in investment in response to buoyant energy markets, the figures show that operators are having to work increasingly hard to try to maintain production.

An increasing share of output on the UKCS is coming from fields that have come off plateau production levels and from smaller fields.

Oil production was down 0.8% on the month at 1,384,740 (bpd) and down 12.1% on the year.

UK natural gas production decreased 3.8% to 8170 million standard cubic feet per day (mmcfd) compared to March and fell 3.2% on the year. Prices rose in the month with Brent crude fetching $67.53 per barrel in April, up $5.34/bbl on March but down $2.76/bbl on the year.

Due to the higher exchange rate, sterling prices fell by 14.6% to 33.96/bbl over the year.