Commenting on the news that production efficiency on the UKCS has improved for a fifth consecutive year, rising to 74% according to a new report released by the Oil and Gas Authority, Ross Dornan, Oil & Gas UK’s Market Intelligence Manager, said:
“Preventing production losses and improving efficiency is a vital cog in efforts to maximise economic recovery from the UK Continental Shelf.
“While any improvement should be welcomed, industry needs to hold firm in its relentless pursuit of efficiency to ensure we are as competitive a basin as we can be.
“Put in context, these specific improvements contributed to around two percent of total UKCS production. We must continue to go further and more quickly in efforts to achieve 80 percent target for production efficiency.
“This will support wider efforts to create the optimum conditions for growth – including improved production efficiency, securing investment to the basin and supporting a robust and healthy supply chain.”
NB The report, UKCS Production Efficiency in 2017, compares actual production to the theoretical maximum economic potential of the fields (and associated infrastructure), compared to previous years. PE is an important indicator for the industry and the OGA as a core element of production optimisation and asset stewardship performance.
Issued by the Communications Team, Oil & Gas UK. Contact Natalie Coupar, Communications Manager on 01224 577343 / [email protected]
Oil & Gas UK is the leading representative organisation for the UK offshore oil and gas industry. Its membership comprises oil and gas producers and contractor companies.