Tuesday June 19, 2007

UK oil production continues decline

theoildrum.com -> irna.com :

The year-on-year decline in oil and gas production in the UK sector of the North Sea is continuing its decline, dropping by a further combined 10% in March, according to the latest monthly report by the Royal Bank of Scotland.

Oil production was down 5% on the month at 1,403,005 barrels per day (bpd) and down 14% on the year, while natural gas output production decreased 3% and 6% respectively to 8,581 million standard cubic feet per day (mmcfd).

The bank said that the decline, which started in 2000, was continuing despite near-record investment in 2006. It suggested that increased drilling activity, the underlying long-term fall in production was "unlikely to be reversed."

- A 14% decline (in the oil portion) is very steep. That's about equivalent to the depletion rate of Mexico's Cantarell (world's second largest) field.

See also :

1. North Sea gas drying up faster than hoped
2. Norway oil output peaking
3. UK oil production continues to decline
4. UK to be permanent net oil importer in 2007
5. World's biggest underwater gas pipeline opens between Britain, Norway

(2007-06-19 12:46:33 SGT) [Energy] Permalink

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