The Crude oil and condensate production of United Kingdom attained a value of 954,510.87 bd in 2020
The indicator recorded a historical growth (CAGR) of 0.73% between 2017 to 2020, and is expected to grow by...
GlobalData projects the figure to grow at a CAGR of ...
United Kingdom: oil and gas Exploration and Production
The United Kingdom’s oil and gas resources are produced both offshore and onshore, but most of the production derives from offshore areas, including the North Sea, Irish Sea and West of Shetlands. Production from offshore areas contributes a major share of the country’s oil and gas production. The UK has a mature oil and gas sector with offshore production dating back to the 1970s. Over the last 10 years oil and gas production from the UK has declined by a low-double digit to current levels, but declines were reversed in 2018 and 2019 when the UK saw growing production through major developments such as Clair Ridge, Culzean and Mariner.
The country produces both crude oil, condensate and natural gas resources and GlobalData estimate s that there is a significant number of barrels of crude oil and condensate reserves and resources remaining in producing and upcoming developments. For natural gas, GlobalData estimates significant reserves and resources remaining in producing and upcoming developments.
Production & Development Outlook
In 2021, total production in the UK is expected to decline compared to 2020 levels. The outlook over the forecast period is expected to flatten in 2022 before declining again in 2023. There are a number of ongoing infill drilling campaigns at major fields across the UK that can support near term production declines. Infill campaigns are ongoing at Clair, Elgin, Schiehallion and Burgman for example. In addition, production ramp ups and expansion phases at Mariner, Buzzard and Captain will help support added oil output within the forecast period but are unlikely to deter total liquids production declines.
Gas production is due to decline over the outlook period; however several gas developments should help support new gas output coming from Arran, Finlaggan, Tolmount and Southwark. Ongoing infill drilling at Elgin and peak gas output from Culzean will also help support gas production declines in the near term.
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