Production efficiency increased to 71% on the UK continental shelf last year, the Oil and Gas Authority (OGA) said yesterday.
The OGA is trying to hit a target of 80% production efficiency, a core element of the regulator’s asset stewardship framework, by the end of this year.
The organisation said the 71% reading was an improvement of 6 percentage points year-on-year, which equates to an extra 50.6million barrels of oil being produced.
Production losses for 2015 came to 243million barrels, down on the previous year by 39million.
The report’s authors said: “Figures show a welcome and sustained improvement in PE in comparison to figures from 2012, however further focus on efficiency, continuous improvement and collaboration across the industry is required if the UKCS is to come close to achieving the shared industry and OGA target of 80% PE by the end of 2016.”
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