According to the United Kingdom oil and gas regulator OGA (Oil and Gas Authority), the domestic hydrocarbon production increased by more than 4% in 2018, averaging 1.7 mboe/d. More specifically, nationwide oil production alone rose by 8.9% in 2018 to achieve 1.1 mb/d, the highest domestic oil production rate since 2011. The main drivers behind this increase entail the development of enhanced oil recovery (EOR) projects and the coming on stream of new fields. Meanwhile, gas production dipped by 3.5% to 0.6 mboe/d mainly because a drop of the capital expenditure in the sector.
The OGA predicts domestic oil and gas production to decrease gradually by 2024 to reach about 0.8 mboe/d and 0.5 mboe/d, respectively. After 2024, they are both assumed to decline at the average rate of 5%/year. The future rates of production will hang on several factors such as the level of investment and the success of further exploration programmes.
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