UKCS Oil, Gas Extraction Drops 10%

9 Dec 2016   United Kingdom

Oil and gas extraction in the UKCS decreased by 10% year-on-year, and by 10.8% month-on-month, in October, according to the latest numbers from the Office for National Statistics (ONS). Oil and gas extraction in the UK Continental Shelf decreased by 10 percent year-on-year, and by 10.8 percent month-on-month, in October, according to the latest numbers from the Office for National Statistics (ONS). “Evidence from the Department for Business, Energy and Industrial Strategy (BEIS) attributed the decrease to continued maintenance at some of the largest oil fields in the North Sea,” the ONS report said. BEIS advised that the decrease could largely be attributed to continued maintenance to the Buzzard oil field, which is owned by Nexen Petroleum UK Limited, a wholly owned subsidiary of CNOOC Limited. The decline was the largest since September 2012, when it fell by 26.4 percent, according to the ONS. Buzzard also underwent extensive maintenance […]

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