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UK oil output recovery continues in Q2, rising 1.7% on year

UK oil production rose 1.7% year on year in the second quarter, to 1.11 million b/d, and by 5% in the first half to 1.15 million b/d, government statistics showed Thursday.

Crude oil production rose 1.8% on the year to 1.01 million b/d in the second quarter, and by 6% to 1.04 million b/d in the first half, while production of natural gas liquids was stable at 103,000 b/d in the second quarter and down 6% at 103,000 b/d in the first half, the Department for Business, Energy and Industrial Strategy said.

The figures reflected strong performance from established fields and the start of production from BP’s Clair Ridge project in the West of Shetland area last November, as well as high production from new floating facilities that came on stream in late-2017, BEIS said.

Premier Oil has reported a strong performance from its Catcher field, which came on stream in late-2017 and had an average output of 70,000 b/d of oil equivalent in the first half of this year.

UK oil output has stabilized in recent years after falling by more than two-thirds between 1999 and 2014. From a low of 852,000 b/d in 2014 it has increased by nearly 30%, rising 9% last year to 1.09 million b/d.

The International Energy Agency has forecast modest annual increases this year and next, although UK regulator the Oil & Gas Authority forecast in March that oil output would fall by almost a quarter over the next five years, to 840,000 b/d in 2024.

While the UK remains a net oil importer, net imports of crude and natural gas liquids dropped by 89% on the year to 152,000 mt in the second quarter.

Net imports of “primary oils” — crude oil, natural gas liquids and other refinery feedstocks — more than halved to 1.1 million mt, more than offsetting a net increase in product imports of 0.5 million mt. Refinery maintenance led to a 14% drop in product exports in the quarter, BEIS said.

Crude output figures were converted at a rate of 7.55 barrels per metric ton, and NGLs at 11.5 barrels per metric ton.
Source: Platts

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