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North Sea oil and gas forecast to grow in 2018

21 Mar 2018

Oil and gas production in the North Sea is set to grow by 5 percent in 2018, according to Oil and Gas UK in its last Business Outlook report.

The report claims that production this year could rise to the equivalent of 620 million to 640 million barrels of oil, up from 517 million in 2014.

In addition, a survey of Oil and Gas UK members found more than half (56%) of companies expect to increase their workforce in 2018. 

A spokesman for the Department of Business and Energy comments: "We welcome the industry's confidence at the prospect of new investment decisions for developments in the North Sea. This government's commitment to the sector has directly contributed to making the North Sea globally competitive and more attractive to new investment opportunities.

 

Scotland's Energy Minister, Paul Wheelhouse, adds: "The oil and gas sector remains a key component of our energy system and our economy. These figures, particularly on growth in investment and a further 5% increase forecast for production in 2018, are therefore very welcome. " 

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