Oil and gas output forecast rises to 11.7bn barrels by 2050

Oil and gas production up to 2050 is now projected to total 11.7 billion barrels of oil equivalent (boe). That’s according to new projections from the Oil and Gas Authority […]

Register now!

By Jonny Bairstow

Oil and gas production up to 2050 is now projected to total 11.7 billion barrels of oil equivalent (boe).

That’s according to new projections from the Oil and Gas Authority (OGA), which show this figure is 2.8 billion boe higher than the production volume outlined in the Wood Review.

In 2017 production sat at its highest rate since 2011 at an estimated 1.6 million boe, despite the Forties’ pipeline closure in December.

This is the same rate achieved in 2016.

During 2017, operating costs in the basin are estimated to have risen by 3% while capital expenditure fell significantly.

Decommissioning costs also rose 4% through the year and are expected to stay at around current levels in the short-to-medium term.

CEO Andy Samuel said: “The extra 2.8 billion barrels identified shows the future potential of the basin which could be boosted further through investment and exploration successes.

“2017 continued to be a productive year and production levels are set to rise in 2018 as more new fields come online.”