Production efficiency improvements and new field startups have helped the UK’s section of the North Sea Basin to increase its oil and gas production by 16% since 2014, according to trade association Oil & Gas UK’s Economic Report 2017, published on Tuesday.
The organisation expects unit operating costs to fall to around $14 per barrel of oil equivalent this year after having halved during the past two years. However, the report highlighted that significant challenges remain for the region.
Expenditure on decommissioning has increased,...
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