BAKU, Azerbaijan, December 15. The UK is expected to maintain a steady oil production level in 2024, averaging 0.8 mb/d, Trend reports.
According to OPEC's data, in October, the UK experienced a month-on-month increase of 85,000 b/d in liquids production, reaching an average of 0.8 mb/d. Official data indicates that crude oil output rose by 87,000 b/d from the previous month, averaging 0.6 mb/d, marking a year-on-year decline of 40,000 b/d. At the same time, NGL output remained relatively stable, averaging 68,000 b/d.
The October liquids output in the UK was down by 5 percent compared to October 2022, primarily due to natural declines, the bloc added.
In 2023, the forecast for UK liquids production indicates a drop of nearly 70,000 b/d, averaging 0.8 mb/d. As OPEC pointed out, this is a reduction of around 10,000 b/d compared to the previous month's assessment, primarily attributed to lower-than-expected October output.
Looking ahead to 2024, production increases are expected at the ETAP and Clair sites, along with the initiation of enhanced oil recovery (EOR) projects at the Anasuria and Captain facilities. The Penguins FPSO is currently in the final stages of commissioning and is set to be towed out to the UK North Sea field in 1Q2024.