UK Oil Products: The Rise and Fall

UK Oil Products The Rise & Fall Did you know? 4.8% 5.2% 5.8% Indigenous production of petroleum products was 4.8 per cent lower in the first quarter of 2015 compared with the same quarter in 2014 UK production of crude oil and Natural Gas Liquids is 5.2 per cent lower so far this year, compared to Q1 of 2014. Imports of petroleum products increased by 5.8 per cent compared with Q1 2014 and exports of petroleum products decreased by 21.1 per cent. 5.1% 1.9% 3.0% Net imports of primary oils (crude oil, NGLS and feedstocks) in Q1 2015 decreased to 5.1 million tonnes (down 12.5 per cent) due to lower refinery demand. In Q1 2015 total deliveries of key transport fuels increased by 1.9 per cent compared 2014. Overall stocks of crude oil and petroleum products were up by 3.0 per cent at end of the Q1 2015 compared to a year earlier. Q1 Industrial production rose 0.4% in May, helped by a 7.3% rise in oil and gas output and higher mining output. How did the 2014 performance differ? £24.4 billion £9.6 billion £1.42 million Industry delivered £24.4 billion of production revenues - the lowest since 1998 £9.6 billion was spent on operating the UK Continental Šheff last year, almost eight per cent higher than in 2013 barrels of oil equivalent per day are produced, slowing production dec line. Only 8 new fields £1 14/25 3 billion Only 14 of the expected 25 exploration wells were actually drilled - continuing a downward trend since 2009 Eight new fields sanctioned alongside 28 brownfield opportunities £1 billion spent on decommissioning activity, the highest annual spend on record Source: https://www.gov.uk/government/uploads/syslem/uploads/altachment_data/file/437779/Oil_and_Oil_Products.pdf hiltp://www.oilandgasuk.co.uk/forecasts.cfm ARDVIK