UK oil production continues decline

Britain’s North Sea oil and gas production continued its decline in September despite the completion of annual summer maintenance work.

According to the latest monthly index from the Royal Bank of Scotland, oil output was up 10 per cent compared with August to 1.3 million barrels per day, but was still down 17 per cent on the same month last year.

Similarly natural gas production, which is also in decline, fell by 16 per cent compared to a year ago to 6.9 billion cubic feet per day despite increasing by 28 per cent following maintenance.

In August, both oil and gas production recorded seasonal lows despite strong investment and increased activity caused by record prices.

Crude oil production alone, which has been in decline for the past five years, has now fallen by nearly 400,000 bpd, equivalent to more than 20 per cent, since the beginning of 2006.

IRNA