Activity Survey 2015

Production in 2014 Total production in 2014 was 519 million boe (1.42 million boe per day (boepd)). This fell within the forecast range of 1.4-1.5 million boepd, representing only a slight 1.1 per cent year-on-year decrease compared to 2013. This is a positive outcome as this is the first year since peak production in 2000 that output has remained at an almost constant level, after three successive years of decline of 19 per cent, 14 per cent, and eight per cent, respectively. 2014 saw no major unplanned outages or incidents to disrupt output. An improvement in production efficiency and the impact of new start-ups also helped last year’s performance.

1

2

3

Figure 5: Production Change from 2013 to 2014

600

4

8

500

65

52

2014 Start-Ups

Existing Field Decline

2013 Start-Ups

5

400

519 2014 Production

524 2013 Production

300

6

200

Production (Million boe)

7

100

0

Source: Oil & Gas UK

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Net gas production (less the gas producers’ use for their own purposes offshore) was up by about one per cent for the year, boosted in part by the Juliet and Kew fields start-ups, but also by increased production from the Jasmine field that came onstream in late 2013. In contrast, liquids production (oil and natural gas liquids) fell by around 2.6 per cent last year. Production over the first half of the year showed a minor increase compared to the same period in 2013, but disappointing delivery in the second half of the year resulted in an annual liquids production rate of 0.84 million boepd. This was partly because of the delay in new projects that were initially expected to produce first oil in the second half of 2014 and partly due to extended shutdowns on some of the biggest oil producing fields on the UKCS.

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