U.K. North Sea Oil Field Startups Surge to 10-Year High
- New fields will pump as much as 230,000 b/d at peak in 2018
- Longer-term outlook clouded by lack of investment amid slump
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The U.K. North Sea is on track for the biggest year of oil and gas field startups in a decade, continuing the aging province’s surprising resilience to the crude-market slump.
Fourteen projects with combined peak production of 230,000 barrels of oil equivalent a day will start in the region this year, according to data from consultant Wood Mackenzie Ltd. That’s the most since 2007, reflecting the payoff from multi-year investments begun when oil prices were still over $100 a barrel.