New progress reports from the North Sea oil and gas regulator show that efficiency across the basin fell, while operating costs rose by nearly a quarter.
Oil and gas bosses have praised the industry’s “continuing efforts” after production efficiency on the UK Continental Shelf hit the Holy Grail of 80% last year.
The Oil and Gas Authority (OGA) said yesterday that the 2016 target for production efficiency on the UK continental shelf (UKCS) was “unlikely” to be met.
Canadian oil and gas firm Nexen said yesterday production from the Buzzard field rose 71% in the second quarter, compared with the same period last year, helping boost revenue.
