Home | Goldstreet Business
Wednesday, February 1, 2023
  • Home
  • General News
    • Extractives
    • Auto
  • Business
    • Banking and Finance
    • AgriBusiness
    • Insurance
    • Mining
    • Oil and Gas
    • Real Estate/Housing
  • News
    • Top Stories
    • Agriculture
    • Maritime/Aviation
    • Energy
    • Education
    • Construction
  • Technology
    • ICT
    • Telecom
  • World
    • Africa
    • International
  • Editorial/Features
  • GSB Data Services
No Result
View All Result
  • Home
  • General News
    • Extractives
    • Auto
  • Business
    • Banking and Finance
    • AgriBusiness
    • Insurance
    • Mining
    • Oil and Gas
    • Real Estate/Housing
  • News
    • Top Stories
    • Agriculture
    • Maritime/Aviation
    • Energy
    • Education
    • Construction
  • Technology
    • ICT
    • Telecom
  • World
    • Africa
    • International
  • Editorial/Features
  • GSB Data Services
No Result
View All Result
Gold Business Logo
No Result
View All Result

Oil and gas production predicted to increase

March 5, 2018
in Uncategorized
0
Share on FacebookShare on Twitter

The oil and gas industry regulator has raised its forecast of what can be recovered from the waters around the UK over the next three decades.

Changes in the way the sector operates are thought to have unlocked the potential for a further 2.8 billion barrels of oil or the gas equivalent.

RELATED POSTS

IMF projects 3.8% growth rate for Sub-Saharan Africa, 2.8% for Ghana

Debt Exchange: NIC to suspend minimum capital requirements, CAR of insurance firms for 2 years

It is now estimated that 11.7 billion barrels could be recovered between 2016 to 2050.

More than 43 billion barrels have been extracted from UK waters so far.

Peak production was achieved at the turn of the century.

The Oil and Gas Authority’s increased estimate for the offshore industry partly reflects new investment.

Brownfield sites

While the oil price was high, in the first half of this decade, oil companies approved a series of major investment programmes that gave the UK offshore sector a second wind.

The new report suggests that spending was greater than previously reported. It also shows operating cost per barrel of oil produced has halved since 2014, at least in US dollars, reaching just above US$15.

Some of this spending was for developing so-called brownfield sites, where fields were mature and new technology was required to pump more from the rock formations.

Most expenditure was in new fields, many of them to the west and east of Shetland. The last of that phase of new fields is expected to come on stream in the next few months.

As a result, the industry’s production total rose from 1.4m barrels of oil equivalent per day to 1.63m barrels in 2016 – returning to the level seen in 2011.

That rate was repeated in 2017, and would have been higher if the Forties Pipeline Network had not been closed down in December because of a leak.

Production during 2018 is expected to be higher than last year, but to start declining from 2020.

In 2014, having been commissioned by Whitehall, industry veteran Sir Ian Wood produced a report which set out a plan for maximizing economic recovery of oil and gas.

Capital expenditure

Setting up the Oil and Gas Authority as the new regulator, based in Aberdeen, was part of his plan. It was given powers to require co-ordination by oil producers, and to ensure they did not close down assets prematurely.

The authority’s report of projections of production also extends to expenditure. It expects to see investment continue further into the future than it had previously expected, but that there will still be a decline.

Capital expenditure has continued to fall significantly, and will continue to do so, says the authority.

Operating costs rose marginally last year, but they are still 27 percent below the high reached in 2014, when the high oil price began its slide.

Spending on decommissioning was up by 4 percent last year. Future annual spending on breaking up and recycling platforms, rigs and pipelines is expected to be lower than previously forecast.

Andy Samuel, chief executive of the OGA, commented: “The extra 2.8 billion barrels identified shows the future potential of the basin which could be boosted further through investment and exploration successes.

“Last year, 2017, continued to be a productive year and production levels are set to rise in 2018 as more new fields come on-line.”

Credit: BBC

facebookShare on Facebook
TwitterTweet
ShareTweetShare

Related Posts

IMF projects growth rate of 4.2% for Ghana in 2021

IMF projects 3.8% growth rate for Sub-Saharan Africa, 2.8% for Ghana

January 31, 2023
Debt Exchange: NIC to suspend minimum capital requirements, CAR of insurance firms for 2 years

Debt Exchange: NIC to suspend minimum capital requirements, CAR of insurance firms for 2 years

January 31, 2023
Fuel prices to increase by 7%-13% from February 1, 2023 – IES

Fuel prices to increase by 7%-13% from February 1, 2023 – IES

January 31, 2023
Economy Picks Up

Policy rate increases to 28%; cost of loans to surge

January 30, 2023
Gulf Technology Systems, Ghana To Collaborate On Agricultural and Industrial Projects

Gulf Technology Systems, Ghana To Collaborate On Agricultural and Industrial Projects

January 30, 2023
Next Post

Pineapple exports decline, farmers blame high production cost

Starbow investigative report points to human error

Discussion about this post

Archives

<
January 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
▼
>
MonTueWedThuFriSatSun
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
   1234
567891011
12131415161718
19202122232425
262728293031 
       
 123456
78910111213
14151617181920
21222324252627
282930    
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
   1234
567891011
12131415161718
19202122232425
2627282930  
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
  12345
6789101112
13141516171819
20212223242526
27282930   
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
    123
45678910
11121314151617
18192021222324
252627282930 
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
 123456
78910111213
14151617181920
21222324252627
28      
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
1234567
891011121314
15161718192021
22232425262728
2930     
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
  12345
6789101112
13141516171819
20212223242526
27282930   
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
   1234
567891011
12131415161718
19202122232425
262728293031 
       
 123456
78910111213
14151617181920
21222324252627
282930    
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
   1234
567891011
12131415161718
19202122232425
2627282930  
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
1234567
891011121314
15161718192021
22232425262728
       
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
      1
2345678
9101112131415
16171819202122
23242526272829
30      
   1234
567891011
12131415161718
19202122232425
262728293031 
       
 123456
78910111213
14151617181920
21222324252627
282930    
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
1234567
891011121314
15161718192021
22232425262728
2930     
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
  12345
6789101112
13141516171819
20212223242526
27282930   
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
     12
3456789
10111213141516
17181920212223
242526272829 
       
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
    123
45678910
11121314151617
18192021222324
252627282930 
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
      1
2345678
9101112131415
16171819202122
23242526272829
30      
   1234
567891011
12131415161718
19202122232425
262728293031 
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
     12
3456789
10111213141516
17181920212223
24252627282930
       
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
1234567
891011121314
15161718192021
22232425262728
2930     
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
    123
45678910
11121314151617
18192021222324
25262728   
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
   1234
567891011
12131415161718
19202122232425
2627282930  
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
     12
3456789
10111213141516
17181920212223
24252627282930
       
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
    123
45678910
11121314151617
18192021222324
252627282930 
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
      1
2345678
9101112131415
16171819202122
23242526272829
30      
   1234
567891011
12131415161718
19202122232425
262728293031 
       

RECOMMENDED

IMF projects growth rate of 4.2% for Ghana in 2021

IMF projects 3.8% growth rate for Sub-Saharan Africa, 2.8% for Ghana

January 31, 2023
Debt Exchange: NIC to suspend minimum capital requirements, CAR of insurance firms for 2 years

Debt Exchange: NIC to suspend minimum capital requirements, CAR of insurance firms for 2 years

January 31, 2023

MOST VIEWED

Plugin Install : Popular Post Widget need JNews - View Counter to be installed
  • Energy
  • Health
  • Auto
  • International
  • Subscription Form
  • Staff Webmail
  • About Us
  • Contact Us
Call us: +233 24 432 0902 | info@goldstreetbusiness.com

© Copyright © 2020 goldstreetbusiness.com. All Rights Reserved.

No Result
View All Result
  • Homepages
    • Homepage Layout 1
    • Homepage Layout 2
  • World
  • Business
  • Technology
  • Health

© Copyright © 2020 goldstreetbusiness.com. All Rights Reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.