Subjects covered include: oil,gas,offshore,UKCS,Uk Continental Shelf,NGL,natural gas liquids, energy, coal, petroleum, natural gas,nuclear,hydro,electricity,stabilised crude oil,condensate,onshore,oil fields, Schiehallion, Brent,Nelson,Harding,Foinaven,Scott,Alba,Wytch Farm,Forties,Andrew,Magnus, Miller, distillation, Inland Energy Consumption, petroleum products,gas applications,utilities,distribution,

Companies covered include: Amerada Hess, BG Group, BP Exploration Operating Company, Conoco, Enterprise Oil, Hydrocarbon Resources, Shell UK, Talisman Energy (UK), Texaco North Sea UK Company, TotalFinaElf Exploration UK,

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Executive Summary

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EXECUTIVE SUMMARY

This report analyses the UK Continental Shelf (UKCS) upstream oil and gas industry. In 2000, the production of petroleum was 138.2 million tonnes oil equivalent (toe) and natural gas was 108.5 million toe. The sales value of oil is estimated by Key Note to have been £15.8bn and that of gas £6.9bn, both of these figures being substantial increases on the previous year's values due to price increases.

This report provides an account of the major oil and gas fields with their operators and output from each field, and profiles are given of leading UKCS operators: Amerada Hess Ltd, BG Group PLC, BP Exploration Operating Company Ltd, Conoco Ltd, Enterprise Oil PLC, Hydrocarbon Resources Ltd, TotalFinaElf, and Shell U.K. Ltd. Issues facing the industry include social responsibility of companies, decommissioning, and competition from alternative sources of oil and gas.

The report includes statistics on global oil and gas reserves and production, which show that, on the global scale, the UK is a small player and that it is likely to use its reserves faster than many other regions, e.g. the Middle East for oil and Russia for gas.

The UKCS relies upon a scenario in which oil prices are high; during periods of low prices, investment is reduced and job losses occur. As a means of helping the industry work more efficiently and reducing costs, the Government has established the Oil and Gas Industry Task Force (OGITF), which has set out initiatives for the next 10 years.

Key Note forecasts that, between 2001 and 2005, UK oil production will increase by 3.8 percent in volume, and fall by 12 percent in value. In the same period, Key Note predicts that net gas production will increase by 15.5 percent in volume terms, with sales increasing by 15.6 percent in value.

Text © 2001 Key Note

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Last updated by Duncan Nottage 12th July 2001