U.K. Oil, Gas Output Set for Longest Expansion in Two Decades
- Output seen rising over next two years, U.K. oil lobby says
- Investment in basin to continue to drop, Oil & Gas U.K. warns
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U.K. oil and gas production will continue to grow through 2018, putting it on course for the longest expansion in almost two decades, amid project startups and productivity gains, an industry lobby said.
“Production has now been rising since 2015, bucking a 15-year trend of decline, and should continue to rise over the next two years,” Oil & Gas U.K. said in a statement on Tuesday. Output in the U.K. Continental Shelf rose to 1.73 million barrels of oil equivalent a day last year and will peak at between 1.8 million and 1.9 million barrels in 2018, the group said.