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UK oil and gas sector ''has reduced operating costs''

23 July 2010
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UK oil and gas sector ''has reduced operating costs''The UK''s oil and gas industry has managed to push down its operating costs over the past year by six per cent.

Expenditure in this area totalled £6.6 billion for the sector, reducing its outlay per unit to $12 (£7.80) per barrel.

This is according to figures released by Oil & Gas UK, which has revealed that fiscal stability in the field has been enhanced by continuous improvement policies, attracting new investment in offshore projects.

A report by the industry body also showed total money spent by companies in the sector reached £12.3 billion in 2009, something that may interest operations management specialists in the field.

"We know that currently companies are considering developments which could lead to £60 billion of investment in new production over the next decade," Oil & Gas UK economics director Mike Tholen, who wrote the report, explained.

The membership agency represents over 100 companies in the energy industry that are active in the UK continental shelf.ADNFCR-3058-ID-19905551-ADNFCR
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