OGUK Business Outlook 2021

BUSINESS OUTLOOK 2021

Operating Expenditure (continued)

Figure 7: Unit Operating Costs – Actual and as a Proportion of Oil Price

60

Unit Operating Costs (£/boe)

Unit Operating Costs ($/boe)

45%

50

40%

35%

40

30%

30

25%

20%

20

15%

Unit OperatingCosts (£and$ / boe - 2020 Money)

10%

10

UnitOperatingCosts asa Proportionof Brent Price

5%

0

0%

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020 2022E

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Source:OGUK,OGA

Source:OGUK, EIA,OGA

15

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