Thursday 31 March 2016

UK to lead oil and gas projects in the North Sea

The UK will "dominate" new crude and gas projects in the North Sea.

The nation will be responsible for 25 out of 36 schemes expected to be completed by 2025 in the region, according to a report by GlobalData.

The UK will develop five gas and 20 oil projects. The remaining nine will be located in Norway.

All the projects in the region are expected to produce 819,000 barrels of oil per day (mbd) and 1.1 billion cubic feet of gas per day (bcfd) by the next nine years.

Joseph Gatdula, GlobalData’s Senior Upstream Analyst said: “The UK will contribute the most planned projects in the North Sea region to 2025 as most new fields are smaller, less expensive tie-backs that utilise existing infrastructure.”

The government announced in its last Budget tax reliefs for the oil and gas industry.