Industry concerns grow over North Sea competitiveness

Jun 19, 2001 02:00 AM

UK oil and gas output fell slightly during April, according to a monthly oil and gas report published by the Royal Bank of Scotland, and concerns are growing that the industry won't be able to fully capitalise on increased investment levels. "Levels of operator investment are increasing in the North Sea. However, we remain concerned that the industry may be constrained in terms of skills and equipment, which could reduce its ability to deliver on additional investment," said Tony Wood, oil and gas economist with the bank. He said this could impact on the long-term competitiveness of the North Sea by increasing its production costs relative to other locations.

According to the bank's latest oil and gas report, April oil production fell to 2.2 mm bpd, a 3.4 % decline on the previous month and a 10.4 % fall from April 2000. The report showed the value of oil production in April averaged £ 40.2 mm a day an increase of 3.1 % on the month and 11.9 % on the year.
The monthly survey also reported that gas production fell to 11.918 mm standard cfpd in April from 12.456 mm cfpd in March. On the year, output in April fell 1.9 % or 231 mm cfpd. But despite the reported declines in output, average daily gas output in the 12 months to April 2001 was 3.5 % higher than the 12 months to April 2000, the report showed.
The latest report also showed that gas revenues fell 4 % in April compared with the previous month, but were 4.4 % up on the year.

Source: Dow Jones via Energy24
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