While the oil and gas production came down in 2011 by 18% to 1.8 million boe, the companies keep high ambition in the North Sea. In its 2012 survey, Oil & Gas UK collected input from the operators and estimated that the capital pending in the North Sea should reach a record high level to $18.2 billion in 2012.
It represents a 36% increase compared with last year and previous record of $13.4 billion. This capital expenditure covers the investments in new field developments and in maintenance spending to extend the life of ageing facilities.
These capital expenditures benefit from the high average oil price around $111 per barrel and could even exceed these actual estimations depending on the tax policy on the UK side.
