WIRELINE ISSUE 27 SPRING 2014

NEWS ROUND-UP ACTIVITY URVEY 2014

FACTSAND FIGURES

Oil &GasUKpresented the key findings of its Activity Survey 2014 at events inLondon, Aberdeen,Newcastle andNorwich

£39billion

Above£10billionuntil 2015

Investmentmay fall toaround £7billion by 2016 to2017,unless the rateofmaturingnew developments increases

£39billionof total investment is currentlyapproved on the UKContinental Shelf

Productionwas better thanexpected at1.43millionbarrels ofoilequivalentper day (boepd) lastyear 1.43million barrelsof oil equivalent per day

Operating costs

Operatingexpenditure roseby 15.5per cent toanall-time record of £8.9billion in2013and is anticipated to rise further to around£9.6billion in2014

40 % of productionwill come fromnewfield developmentsby2018

Only15explorationwells weredrilled in2013, compared with2008when44exploration wellsweredrilled

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