Steep decline in UK oil production
Islamic Republic News Agency (Iran)
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British oil and gas production in the North Sea has continued a steep decline despite the increased drilling activity following high prices.
According to the latest monthly report from the Royal Bank of Scotland published Tuesday, the combined daily average output for UK oil and gas in June was down 13 per cent on the month, while annual production fell 18 per cent.
Oil production growth was down 4 per cent compared with May at 1,411,961 barrels per day (bpd) and down 13 per cent on the same month last year.
The fall in gas output was even greater, decreasing by 23 per cent to 6,429 million standard cubic feet per day (mmcfd) on the month and by 24 per cent compared to a year ago.
Crude oil production, which has been in decline for the past five years, has now fallen by over 300,000 bpd since the beginning of 2006.
(29 Aug 2006)
Mobjectivist brings out his charts.
This article from Iran looks as if it were compiled from other reports (see next item). -BA
UK June gas output down 24% on the year: RBS index
Platts
UK natural gas output in June 2006 was 6,429 million cubic feet/day (182
million cubic meters/day), down 24% from June 2005 output of 8,493 million cu
ft/day, according to latest figures from the Royal Bank of Scotland oil and
gas index.
..."Early summer maintenance depressed oil, and in particular, gas
production in the North Sea in June," said RBS in a note, "but the sharp
decline in production compared to one year ago suggests that the secular
decline of the North Sea continues."
"It is a conundrum that the increase in investment spending seen over the
last year has not resulted in measurable output growth. Soaring costs fail to
explain the sluggish supply response, since higher input bills have not
prevented a sharp pick-up in drilling activity."
(29 Aug 2006)
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