Company News
UK Set To Become Net Crude Oil Exporter For 1st Time In 14 Yrs!
Thursday 1st March 2018
The UK's crude output look set to exceed one million barrels a day once new North Sea projects come on stream later this year - a move that could see the country become a net crude oil exporter for the first time in 14 years.
Forecaster JBC Energy GmbH said that on a net trade basis, this crude output will soon mean that overseas sales can overtake imports, although it's not yet known by how much or when, Bloomberg reports.
It's certainly good news for the industry, whether it joins the Organization of Petroleum Exporting Countries or not. Between 2000 and 2014, BP Plc figures show that output dropped for consecutive years. But last year, the UK shipped out more crude than it received in 2004 - and output of a million barrels each day would go above the average for 2017 by nearly ten per cent.
"The combination of rising supply and ailing demand is pushing the UK crude balance from one of deficit to surplus," JBC analyst Eugene Lindell was quoted by the news source as saying.
This comes after the Oil and Gas Authority said that the UK's reserves will safeguard petroleum production for at least the next 20 years. Recoverable reserves and resources range between ten and 20 billion barrels, with 5.7 billion of proven and probable reserves.
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