Ageing infrastructure speeds decline of North Sea oil production.

FT: Production fell by nearly a third between 2010 and 2012 to 1.55m boe/d and it is now expected to fall further to between 1.2m and 1.4m boe/d this year. Malcolm Webb, chief executive of UK Oil and Gas says the steepness of the decline was far greater than that expected of a maturing oil and gas basin. “It’s way beyond a geological phenomenon – it’s to do with the state of physical kit.”
UKO&G revises up its forecast from £11.4bn to an all time record of £13bn. Tax allowances have boosted investment by £6bn during 2012 and 2013.