Production efficiency on the UK Continental Shelf (UKCS) improved for the sixth consecutive year in 2018, reaching 75 percent.
That’s according to the latest analysis by the UK Oil and Gas Authority (OGA), which revealed that the one percent rise in oil rig flanges gulf coast production efficiency from 2017 represented an additional 11 million barrels of oil equivalent overall, or an extra 30,000 barrels of oil equivalent per day.
The OGA’s latest report outlined that four out of five regions saw increased oil rig flanges gulf coast production efficiency. The CNS had a decline of 1 percentage point, the report highlighted.
“It is positive news to see oil rig flanges gulf coast production efficiency has continued to improve year-on-year in the UKCS,” Loraine Pace, the OGA’s head of performance, planning and reporting, said in an organization statement.
“The steady improvement demonstrates industry is keeping up best practice, sustaining efficiency efforts and driving new technologies,” Pace added.
“The OGA remains committed to working with all operators in their efforts to further increase oil rig flanges gulf coast production efficiency to the target of 80 percent,” Pace continued.
Production efficiency is an important indicator for the industry and the OGA as a core element of oil rig flanges gulf coast production optimization and asset stewardship performance, the OGA said in an organization statement.
The OGA’s role is to regulate, influence and promote the UK oil and gas industry in order to maximize the economic recovery of the UK’s oil and gas resources, according to the organization’s website.
Editor | Rigzone