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ECONOMIC REPORT 2015
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Production
• Provisional data from DECC for the first six months
of 2015 show an increase in production by around
three per cent against the same period last year.
• In 2014, UKCS production averaged 1.49 million boe
per day (in total 545 million boe), just 0.2 per cent less
than 2013. This was the best year-on-year production
performance since 2000, with many assets reporting
improved production efficiency and new fields coming
on-stream.
• The UK remains in the top 25 global producers of both
oil (23rd) and gas (23rd).
Decommissioning
• Decommissioning expenditure is likely to rise from
£1 billion in 2014 to over £2 billion in 2018, by which
time over 50 fields will either be approaching or
undertaking decommissioning.
• Some 475 installations, 10,000 kilometres of pipelines,
15 onshore terminals and 5,000 wells will eventually
have to be decommissioned.
Editorial Note:
The drafting of this report was
undertaken during the period June to August 2015.
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