Activity Survey 2014

Figure 21 shows how UOCs vary across all fields that currently produce at least one million boe per year. The impact of the continued growth in costs is noticable with 19 fields now having a UOC of greater than £30 per boe compared to just ten 12 months ago. Despite this trend, there are still more than 50 fields in production with a UOC of less than £10 per boe, and the median UOC for the basin is around £11.50 per boe; significantly lower than the mean which is pushed higher by the growing, but still relatively small, number of very expensive fields.

1

2

Figure 21: Distribution of Unit Operating Costs

3

70

2012 2013

4

60

50

5

40

30

6

Number of Fields

20

7

10

0

0-­‐10

10-­‐20

20-­‐30

30-­‐40

40-­‐50

50-­‐60

> 60

8

Unit Operating Costs (£/boe)

Source: Oil & Gas UK

9

10

11

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