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U.K. cites 1998 as record year for oil flow

May 31, 1999

U.K. hydrocarbon liquids production hit a record in 1998. Output of oil, condensate, and natural gas liquids totaled 132.6 million metric tons last year, according to the U.K. Department of Trade and Industry. U.K. natural gas production amounted to 95.6 billion cu m last year, DTI said. A record total of 204 offshore fields were in production, with 12 offshore and 5 onshore fields being brought on stream in 1998. DTI estimates U.K. liquids production at 120-150 million tons/year during

U.K. hydrocarbon liquids production hit a record in 1998.

Output of oil, condensate, and natural gas liquids totaled 132.6 million metric tons last year, according to the U.K. Department of Trade and Industry.

U.K. natural gas production amounted to 95.6 billion cu m last year, DTI said. A record total of 204 offshore fields were in production, with 12 offshore and 5 onshore fields being brought on stream in 1998.

DTI estimates U.K. liquids production at 120-150 million tons/year during 1999-2001, falling away to 115-145 million tons in 2002 and 105-135 million tons in 2003.

Similarly, gas output is forecast at 90-110 billion cu m in 1999, rising to 95-115 billion cu m in 2000-01 and 100-120 billion cu m in 2002-03.

DTI said that 10 oil and gas field development plans are being considered, while in 1999 a further 25-30 new field and satellite development plans are expected to be submitted for approval.

Production, reserves

Cumulative U.K. liquids production to the end of 1997 amounted to 2.306 billion tons. U.K. liquids production in 1998 outstripped the volume discovered that year, a recurring pattern in recent years.

DTI said that proven remaining liquids reserves stood at 685 million tons at the end of 1998, down on the year from 690 million tons, while probable reserves fell to 575 million tons from 700 million tons, and possible reserves fell to 535 million tons from 625 million tons.

Cumulative U.K. gas production to the end of 1998 amounted to 1.311 trillion cu m; the volume of gas discovered last year also fell short of the amount produced.

DTI said that, at the end of 1998, proven remaining gas reserves amounted to 755 billion cu m, down on the year from 765 billion cu m, while probable reserves fell to 585 billion cu m from 620 billion cu m, and possible gas reserves dropped to 455 billion cu m from 600 billion cu m.

Total investment in U.K. exploration and production amounted to £5.1 billion ($8.2 billion) in 1998, said DTI, up from £4.4 billion ($7 billion) in 1997.