UK oil production fell 5.2 percent in January to its lowest rate in 13 years, according to a report published Monday by the Royal Bank of Scotland's oil and gas index.
Stephen Boyle, head of business economics at the Royal Bank of Scotland, felt the situation could turn around in the future.
"Some of the fields in which output has fallen are in long-term decline but for many others the decrease in production is temporary and will be reversed. Output is likely to rise in 2001 as new fields come on stream and many existing fields see production rise."
The monthly decline is accompanied by overall decline over the last 12 months. According to the report, January production was down 124,000 barrels a day compared to the previous month and 371,000 barrels (14 percent) compared to January 2000.
On the other hand, natural gas production was enjoying somewhat of a boom in January having reached its highest level since December 1999 and 14.25 percent higher than December 2000.
Monthly production rose 1 percent January to January while annual production from January 2000 to January 2001 was up 8.7 percent on the previous year.—AFP.
©--Agence France Presse 2001.
© 2001 Mena Report (www.menareport.com)