Bank Of Scotland Report - Total N. Sea Production Off 18% From 2005

[hatrack]

The decline in UK North Sea production has been continuing, according to the latest Royal Bank of Scotland oil and gas index released yesterday. Combined daily average output in June was 2,570,537 barrels of oil equivalent per day - down 13% on the previous month, while annual production fell 18%.

This was the worst figure in 13 months and well off the high in this period of nearly 3.35million barrels a day in January. Last night, The UK Offshore Operators Association (UKOOA) blamed the latest drop on exceptional factors and was hopeful production will climb as the year progressed.

EDIT

Steve Harris, communications director at UKOOA, said the figures from the Royal Bank survey were disappointing, but did not tell the whole story. He added: "Our members are investing at near-record levels and it is estimated that the workforce offshore has swelled by about 20% in the last 12 months.

EDIT

But he conceded that production was not picking up as UKOOA would like. "We face challenging times, but our commitment remains," added Mr Harris.

EDIT/END

http://www.pressandjournal.co.uk/displayNode.jsp?nodeId=149665&command=displayContent&sourceNode=149329&contentPK=15284113&folderPk=85697&pNodeId=206462

If anybody's looking for the RBS report, just PM me.

[markam]

1. It's dropping

Just as predicted by the Peak Oil people. Unfortunately, it looks like russia and Saudia Arabia are doing likewise.

By this time next year, I predict global oil production to be down at least 5%, and net export capacity to be down at least 10%

[4dsc]

2. don't forget Mexico..

Mexico is set to see its production from its largest oil field drop about 1.5 mbpd to about 500,000 bpd in less than 2 years..