The Oil and Gas Authority (OGA) has raised its long-term outlook for North Sea production by 2.8billion barrels of oil equivalent.
The Forties pipeline shutdown will cause pain for oil producers, but consumers will still get their oil and gas, industry experts said yesterday.
The North Sea can keep pumping out oil for another 20 years, but substantial investment will be needed to push the boat out longer, a new report said.
A top Aberdeen petro-economist has warned that oil production increases in Scotland will not be sustainable for much longer.
Oil nation’s efforts to re-balance the market via a deal on production cuts have worked, industry experts said, adding that extending the agreement is the right move.
Over the last year or so there has been increased activity in mergers and asset transactions in the oil and gas sector. This certainly includes the UK Continental Shelf. With respect to asset transactions, in the immediate aftermath of the oil price collapse, there was little activity. Both potential sellers and buyers had to assess the effects of the price fall on the value of assets. Cost reductions and valuation of their effects were a priority. Also, there was great uncertainty regarding future price behaviour which made agreement valuations more difficult.
A new Aberdeen University study suggests the UK North Sea can deliver nearly 11billion more barrels of oil equivalent (boe) at “lower for longer” prices.
Oil producing nations are on track to achieve “full conformity” with production cuts agreed last year.
A leading oil economist claims that even if Brent crude reached the milestone of $60 a barrel it is not going to "transform" the struggling North Sea industry.
For the world oil and gas upstream oil and gas sector, there is scope for guarded optimism in 2017.
Renowned petroleum economist Professor Alex Kemp said further cost reductions and tax incentives are needed to stimulate activity in the North Sea.
Petroleum economist Professor Alex Kemp welcomed chancellor Osborne’s tax package for the oil and gas industry as it will boost producers in the region.
A leading oil and gas expert said last night that tax breaks could significantly boost new field development across the UK North Sea.
The price has been coming down for several months because production from Saudi Arabia is strong, from Iraq it’s strong, from Russia it’s quite strong. From the US there’s been a little bit of a fall but not very much. Market makers have been anticipating Iran sanctions to be lifted, but did not know when until quite recently.
Job losses could continue throughout much of the year, as more projects are postponed amid the continued low oil price, according to a leading petroleum economist. Professor Alex Kemp of the University of Aberdeen, said the current oil price combined with strong supplies in Saudi Arabia and Russia, was likely to create more pressures on the North Sea.
Pressure has mounted on the Treasury to introduce further tax breaks for the oil and gas industry as new research reveals that cost-cutting may not be enough to ensure the North Sea is attractive to investors.
Oil and gas expert Alex Kemp said BP's announcement about Kinnoull was a much-needed boost for the North Sea industry.
This article sets out to add further clarity to the subject of the ultimate potential recovery of oil and gas from the UK Continental Shelf.