Britain’s Oil Watchdog Sees North Sea Costs, Spending Rise In 2018

The costs and operating expenditure needed to produce oil and gas in the British North Sea are set to rise both in overall and in per-barrel terms this year compared with 2017, the country’s regulator for the sector said on Oct. 9.

Overall operating spending in the mature North Sea oil and gas basin this year is estimated to rise almost 9% to 7.5 billion pounds (US$9.8 billion), according to the Oil and Gas Authority. But this is still almost third lower than in 2014, when oil prices over $100/bbl had pushed up costs.