The UK Oil and Gas Authority (OGA) expects the 2016-2050 oil and gas production in the United Kingdom to total 11.7 Gboe according to its latest projections. This amount is 2.8 Gboe higher than the outputs forecast in the absence of implementation of the recommendations of the 2014 Wood Review.
As for 2017, the United Kingdom produced slightly over 51 mtoe of oil and nearly 36 mtoe of gas, i.e. a total oil and gas production of nearly 87 mtoe.
The total oil and gas production rate stood at approximately 1.63 mboe/d, a level similar to the 2016 levels in spite of the December 2017 Forties pipeline closure. Production is expected to increase in 2018 as new fields come online, reaching 1.68 mboe/d, before declining steadily through 2023 (down to 1.38 mboe/d).
In the meantime, operating costs (Opex) in the North Sea basin rose marginally (+3%) in 2017 but remained 27% below the 2014 levels. They are forecast to shrink in 2018 along with the production. The capital expenditure (Capex) levels are slightly higher than expected in 2017 but they fell for the third year in a row and the trend is going to continue in the near future.