06-07-05
British oil production fell 11 % in April, continuing the past year's trend of declining production, according to the latest Royal Bank of Scotland (RBS) Oil and Gas index.
The June survey says that gas production was also down by 16 % on the year.
Combined oil and gas production was down 13 % on the year.
RBS said, however: "Continued high oil prices and the success of the most recent offshore licensing round continue to point towards a positive outlook for the North Sea."
Tony Wood, senior economist with Royal Bank of Scotland, said: "The ongoing rate
of decline of UK oil and gas production continues to be of concern. However,
high oil prices combined with the success of the recent Seaward Licensing Round
point to a much more positive operating environment in the UK for at least the
next two years."
Source: Scotsman.com