UK sector of North Sea close to production peak

Nov 15, 2001 01:00 AM

The UK sector of the North Sea is close to a production peak and this peak may even have occurred, said Matthew Simmons, chairman and president of Energy Investment banking firm, Simmons & Co International.
Average production of 125 fields has fallen from over 30,000 bpd per field in 1995 to currently less than 18,000 bpd per field, Simmons told delegates attending an offshore meeting in Aberdeen, Scotland. Norway's output profile lags behind the UK because many giant Norwegian fields came onstream almost a decade later. But three giant Norwegian fields producing in excess of 500,000 bpd as recently as 1994 had less than 225,00 bpd output in 2000.

Simmons said two big risk factors face the North Sea. The first was the lack of explorations rigs needed if the North Sea northern and western frontiers were ever to be properly explored. The second was of fallow fields licenses held by parties that have no current development plans.

Source: Platts
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