British production of oil and gas rose in 2015 for the first time in 15 years but may struggle to maintain the performance amid low energy prices, an industry body said Monday.
Output is expected to have risen by as much as eight percent last year after a strong first 10 months, Oil and Gas UK said in a statement.
"Output in November and December tends historically to be more stable, but even so, Oil & Gas UK now expects year end production for the full year of 2015 to be seven to eight percent higher than last year," said its chief executive Deirdre Michie.
Referring to the low price environment, she added: "Times are really tough for this industry and for the people working in it. We will continue to see job losses as we move into 2016."
The organisation said that UK gas production rose 6.1 percent last year compared with 2014, while liquids grew 10.6 percent.
Britain's oil and gas production is concentrated mainly in the North Sea off the coast of Scotland.
Michie said last year's increases were a result of "the industry-wide focus on improving production efficiency coupled with investments of more than £50 billion ($73 billion, 68 billion euros) over the last four years to bring new fields on stream".
Oil prices meanwhile tumbled by about 35 percent in 2015, largely owing to a global supply glut.
Last October, Oil & Gas UK said the number of jobs supported by Britain's energy sector had contracted by 15 percent since the start of 2014 to 375,000.
GMT 14:36 2018 Sunday ,14 January
Fossil fuels blown away by wind in cost terms: studyGMT 18:20 2018 Thursday ,11 January
Ukraine to launch its first solar plant at ChernobylGMT 18:44 2018 Tuesday ,09 January
Finland's Fortum snaps up EON's fossil fuels stakeGMT 17:39 2018 Wednesday ,03 January
Norway powers ahead electrically with over half of new car sales now electric or hybridGMT 15:36 2018 Wednesday ,03 January
Minister of Mining Says Govt. Invested MAD 12.3 Billion between 2003-2017GMT 18:00 2017 Saturday ,23 December
Energy prices bump key US inflation index up in NovemberGMT 09:01 2017 Friday ,15 December
BP plan to buy Australian petrol pump network blockedGMT 14:54 2017 Monday ,27 November
Belarus nuclear power plant stirs fears in LithuaniaMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor