Business Outlook 2018
BUSINESS OUTLOOK 2018
Between 2014-17, 33 new fields came onstream on the UKCS with combined recoverable reserves of more than 1.7 billion boe. At peak production, they will produce a total of over 635,000 boepd, more than one third of current daily production output.
Figure 17: Peak Production of Newly Approved Fields
Peak Production Volumes (Thousand boepd)
2016 Source: Wood Mackenzie 2017 2018
Looking forward, it is expected the UKCS will continue to see further growth in production of around 5 per cent in 2018. This outlook is, however, heavily dependent on new fields coming onstream as planned and continued effective management of production efficiency on existing assets. Despite the production of cushion gas from the Rough storage facility boosting output in 2018, growth in liquids production is expected to be much higher than gas. Not only did all 12 start-ups last year have a majority oil composition, the two major projects expected to come onstream this year – Clair Ridge and Mariner – are also oil fields. Peak production rates of almost 160,000 boepd are anticipated from those two fields alone.
The balance of production will shift back towards gas in 2019, with the biggest start-up next year expected to be the high-pressure, high-temperature Culzean gas field in the central North Sea.
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