Commodities
UK Gas Production Is Declining Faster Than Expected, Lobby Warns
- Output is down about 13% this year, industry group OEUK says
- Producers are looking for relief as government raises taxes
An offshore drilling rig anchored in the Cromarty Firth, UK.
Photographer: Simon Dawson/Bloomberg
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Britain’s natural gas output is declining faster than expected and leading to greater reliance on imports, according to an industry group seeking government relief to spur investment.
Production fell about 13% this year through August on an annual basis, and a similar rate is possible for all of 2024, said Ross Dornan, market intelligence manager at Offshore Energies UK. That compares with a 10% decline forecast earlier this year for the UK’s aging North Sea basin.