Despite Prices, UK North Sea BOE Production Down Again - 10% From June, 19% YOY

Output from the North Sea fell for the fifth month in a row in July, despite record oil prices, in a development that could increase concerns about the UK's growing reliance on imports from potentially volatile areas. The latest Oil and Gas Index from Royal Bank of Scotland showed total production of oil and gas averaged 2,088,083 barrels oil equivalent daily. This was down 10.3% on June and 17.9% on July 2006.

The decline occurred in a month when operators traditionally take advantage of relatively good weather to complete maintenance work. Production of gas was badly disrupted after the 251-mile central area transmission pipeline was shut down after being damaged by a ship's anchor off Teesside on July 1. This brings in 20% of the UK's gas from the North Sea.

Gas production fell 15% in the month to 5.026 billion cubic feet daily, down 20.7% on the year. Oil production averaged 1,203,164 barrels daily, down 6.5% on the month and 15.7% on the year.

However, the fact that total production has been well down on both a monthly and annual basis in every month this year since March could trigger alarm bells about the state of the province. With many fields at the end of their lives or well past their best, oil and gas firms need to keep bringing developments onstream to maintain overall production levels.

EDIT

http://www.theherald.co.uk/business/news/display.var.1737311.0.0.php

We need 100% YOY. I keep myself 100% for this very reason.

:silly: