Business Outlook 2019

4.1 Production

Production Performance Total production from the UKCS was around 619 million barrels of oil equivalent (boe) in 2018, or 1.7 million boe per day (boepd). This is 4 per cent higher than 2017 and means that production has now increased by 20 per cent over the past five years. Considering the long-term trend and recent challenges faced, this should be regarded as very positive progress. This performance has been underpinned by new field start-ups, with peak output from fields which have commenced production over the last five years accounting for around half of expected 2019 output, reinforcing the importance of progressing a steady stream of new projects. Production from the basin continues to be crucial for the security of the UK’s energy supply, with production last year meeting the equivalent of 59 per cent of primary oil and gas demand and around 44 per cent of total primary energy requirements.

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Figure 7: Oil and Gas Production From the UKCS

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1973 1978 1983 1988 1993 1998 2003 2008 2013 2018

Source: BEIS, OGA

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Source: OGA, Oil & Gas UK

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