North Sea Oil Production for 2000 Failing to Meet Forecasts
November 30, 2000 - 0:0
LONDON -- Oil production from all sectors of the North Sea this year is expected to be at least 4 percent below forecasts due to spending cuts.
Output will barely reach an average of 6.1 million barrels per day based upon production so far this year. This compared with earlier forecasts by Petroleum Argus of nearly 6.4 millions bpd.
The fall follows three years of spending cuts by oil companies that has accelerated depletion rates at old fields and slowed the development of new ones.
Two of the biggest fields due to come on stream this year, Elgin and Franklin being developed by Total and Elf, have been delayed until next year.
Petroleum Argus said Monday that it still expected North Sea oil output to peak in 2001 but at 6.2 millions bpd, 100,000 bpd less than earlier forecast. It also suggested that permanently higher depletion rates next year could further erode the rise.
(IRNA)
Output will barely reach an average of 6.1 million barrels per day based upon production so far this year. This compared with earlier forecasts by Petroleum Argus of nearly 6.4 millions bpd.
The fall follows three years of spending cuts by oil companies that has accelerated depletion rates at old fields and slowed the development of new ones.
Two of the biggest fields due to come on stream this year, Elgin and Franklin being developed by Total and Elf, have been delayed until next year.
Petroleum Argus said Monday that it still expected North Sea oil output to peak in 2001 but at 6.2 millions bpd, 100,000 bpd less than earlier forecast. It also suggested that permanently higher depletion rates next year could further erode the rise.
(IRNA)