44 / 72
4
0
E
C ONOM IC R
E
P OR
T
2
0
1
7
6 .1 Ke
y P
e
r for
m ance Indicat or s
T
h
e UKC S h as m ade significant p
r ogr
e ss in r
e ce nt y
e ar s acr oss a r ange of ke
y m
e
t
r ics. T
h is is unde
r
p inne d
b
y ne
w b usine ss m ode ls t o m ax im ise v alue fr om b ot
h lat
e
- life op
e
r at ions and ne
w fie ld st ar
t
- up s.
E
x am
p le s include m ov ing t ow ar ds ince nt iv
e
-
b ase d cont
r act s r at
h
e
r t
h an cost
-
p lus and adop
t ing
assetͲĨocused ďusiness structures rather than traditional ĨunctionͲled models͘ hallenges remain, hoǁeǀer,
and the industry is in urgent need oĨ Ĩresh caƉital inǀestment across all areas, Ĩrom edžƉloration and aƉƉraisal
through to deǀeloƉment oĨ neǁ Ɖroũects and lateͲliĨe management oĨ older assets͘
Figure 21: Industry Key Performance Indicators
18
18
All Įnancials shoǁn in 201ϲ money͘
0
100
2 00
3 00
4 00
5 00
6 00
7 00
8 00
2 013
2 014
2 015
2 016
2 017
2 018
Total Production ( Millionboe)
Source:OGA,Oil&GasUK
Production
0
2
4
6
8
10
12
14
16
2 013
2 014
2 015
2 016
2 017
2 018
tnuoC lleW noitarolpx
E
Source:OGA,Oil&GasUK
0
5
10
15
2 0
2
5
3 0
3
5
2 013
2 014
2 015
2 016
2 017
2 018
tnuoC lleW lasiarppA
Source:OGA,Oil&GasUK
Appraisal Wells Spudded
0
2 0
4 0
6 0
8 0
100
12 0
14 0
2 013
2 014
2 015
2 016
2 017
2 018
tnuoC lleW tnempoleve D
Source:OGA,Oil&GasUK
Development Wells Spudded
Wroduction
incr
e ase d t o
6 30 m illion b oe
in 201ϲ, the
h igh
e st since
2011
Only 14 w
e lls
w
e
r
e sp udde d
in 201ϲ, halĨ the
num
b
e
r r
e cor de d
in 2010
Exploration Wells Spudded
E igh
t
y
- se
v
e n
de
v
e lop
m
e nt w
e lls
w
e
r
e sp udde d in
201ϲ, a reduction
of one
-
t
h ir d on
2015
Only e igh
t
ap
p
r aisal w
e lls
w
e
r
e sp udde d in
201ϲ, the loǁest
since 197 1