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North Sea oil and gas production 'slows' | North Sea oil and gas production 'slows' |
(3 days later) | |
North Sea oil production has shown its biggest quarterly decrease since records began more than 15 years ago. | |
The update, from the UK government's Department of Energy, recorded a drop in the quarterly figures of just over 15%. | |
The government said the decline stemmed from maintenance work and slowdowns in a number of fields. | The government said the decline stemmed from maintenance work and slowdowns in a number of fields. |
It comes as industry leaders have warned a budget tax hike could threaten some major North Sea projects. | It comes as industry leaders have warned a budget tax hike could threaten some major North Sea projects. |
The Oil and Oil Products report for the start of 2011 said: "Indigenous crude oil production in the three months to March 2011 was 15.6% lower compared with the same period a year earlier. On a quarterly basis, this is the biggest decrease since quarterly records began in 1995. | The Oil and Oil Products report for the start of 2011 said: "Indigenous crude oil production in the three months to March 2011 was 15.6% lower compared with the same period a year earlier. On a quarterly basis, this is the biggest decrease since quarterly records began in 1995. |
"The decrease stems from significant falls in production in February and March 2011 because of maintenance work and slowdowns on a number of oil fields." | "The decrease stems from significant falls in production in February and March 2011 because of maintenance work and slowdowns on a number of oil fields." |
Gas production fell by 17.6% on the same period last year, which the government said was a reduced demand for gas for electricity generation and the mild weather. | Gas production fell by 17.6% on the same period last year, which the government said was a reduced demand for gas for electricity generation and the mild weather. |
A DECC spokesman said: "The first quarter drop in North Sea crude oil production this year is due to maintenance issues and faults with North Sea infrastructure. | A DECC spokesman said: "The first quarter drop in North Sea crude oil production this year is due to maintenance issues and faults with North Sea infrastructure. |
"Production figures for April are expected to show these problems have been resolved and production has returned to normal levels. | "Production figures for April are expected to show these problems have been resolved and production has returned to normal levels. |
"Gas production has been affected by these infrastructure issues but a reduction in gas demand for electricity generation has also had a significant impact." | "Gas production has been affected by these infrastructure issues but a reduction in gas demand for electricity generation has also had a significant impact." |
An Oil and Gas UK survey released on Thursday warned that its members suggested 60 out of 240 potential projects had less of a chance of going ahead since the chancellor raised the supplementary tax on North Sea oil production from 20% to 32%. | An Oil and Gas UK survey released on Thursday warned that its members suggested 60 out of 240 potential projects had less of a chance of going ahead since the chancellor raised the supplementary tax on North Sea oil production from 20% to 32%. |
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