UK Increases Oil and Gas Production First Time in 15 Years

January 4, 2016 Share Print 0

Britain’s oil and gas fields have increased production for the first time in more than 15 years, figures show.

Government statistics for the first 10 months of 2015 show oil and gas produced on the UK continental shelf up 8.6% from a year earlier, the industry body Oil & Gas UK said. It added that, based on that number, it expected production for all of 2015 to be between 7% and 8% higher.

The result was better than the small increase it had expected, the group said, but it warned that improving production this year would be hard after oil prices slumped to levels not seen since before the financial crisis.

Britain’s oil and gas output has more than halved in the last 15 years as accessible sources ran low and investment in new fields failed to keep up with demand. A fresh push to explore new areas of the North Sea in recent years led to new fields starting up in 2015.

via The Guardian

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.