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North Sea set for decline in production, according to new report

BP murlach
Murlach will be tied-back to the ETAP production hub

Research consultancy Bernstein has added to claims that the North Sea is set for another drop in output, according to Reuters.

The news agency says Bernstein’s new report claims that North Sea production will grow by  four per cent, or 40,000 barrels per day, in 2018, before declining between 2019 and 2021.

It follows similar estimates last week from Oil and Gas UK.

In its Business Outlook report, the industry body said that while production is expected to rise in 2018, future years are more uncertain and could go into decline.

Bernstein said oil production has stabilised or recovered since 2014, with start-ups of new fields such as EnQuest’s Kraken field and BP-operated Quad 204.

The report says the stability and even growth up to 2018, will “prove temporary in nature” for the UK Continental Shelf, according to the news agency.

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