The study* states that North Sea oil and gas production has declined at an Annual Average Growth Rate (AAGR) of 7.7% between 2006 and 2011, from 2,599 million barrels of oil equivalent (MMboe) to 1,772 MMboe.
Production levels are expected to decrease further still in the future, with major fields such as Ekofisk, Kvitebjørn and Elgin expected to witness declining output.
The UK, the leading North Sea producer in terms of the number of exploration blocks, will fight depleting hydrocarbon returns by introducing the Centre for North Sea Enhanced Oil Recovery, a facility announced in May 2012, wholly dedicated to EOR from the North Sea.
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EOR procedures include infusing CO2 gas into oil fields deep below the sea-bed to force out extra amounts of oil and it has been projected that the center will use this technology to store up to 75 million metric tons of carbon dioxide (CO2) from each Carbon Capture and Storage (CCS) power plant project, and increase the quantity of oil extracted from reservoirs underneath the waters.
With this new facility in place, the UK could lead the EU with the biggest Carbon Storage Capacity (CSC) in the region and hold a competitive advantage in both manpower and infrastructure.
GlobalData forecasts North Sea oil and gas production to drop from 1,702 MMboe in 2012 to 1,447 MMboe in 2020, representing a negative AAGR of 2%.
This report provides detailed information on the license awards, exploration blocks, production fields, major discoveries, planned fields, historic and forecast production until 2020 in the North Sea.
This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts.
GlobalData is a leading global business intelligence provider offering advanced analytics to help clients make better, more informed decisions every day. Our research and analysis is based on the expert knowledge of over 700 qualified business analysts and 25,000 interviews conducted with industry insiders every year, enabling us to offer the most relevant, reliable and actionable strategic business intelligence available for a wide range of industries.
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