Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

North Sea: facts and figures

The Ninian platform
The Ninian platform

Some highlights of the Oil and Gas UK Economic Report 2016:

The UK oil and gas industry still supports 330,000 jobs, although 120,000 jobs have been shed since 2014.

Industry efficiencies have driven a 45% reduction in operating costs to $16 per barrel

The overall cost of operating the UKCS is expected to decline over 8% to around £7.5billion

North Sea production is up 5.7% in the first half of 2016, following a 10.4% increase in 2015 when the basin produced 602million barrels of oil/gas.

The UKCS was the world’s 21st largest oil and gas producer in 2015

To date, the industry has paid more than £330billion in production taxes to the UK government

More than 43billion barrels of oil and gas have been recovered from the UKCS since 1967.

The oil price plunged to an average of $41 per barrel for the first eight months of 2016

With less than ten exploration and appraisal wells drilled in 2016, this activity is at an all-time low

Investment is forecast to fall from a record £14.8billion in 2014 to around £9billion this year

Less than £100million of fresh capital has been committed so far in 2016, with only one new field approved. This compares to five greenfield projects sanctioned in 2015 worth £4.3billion.

Recommended for you

More from Energy Voice

Latest Posts