LONDON (Reuters) - Crude oil and natural gas liquids production in the United Kingdom fell in the second quarter compared with the same period in 2011 while exports rose, data from the U.K. Department of Energy and Climate Change showed.
A spokesman at the energy department said it was too early to tell the cause of the uptick or whether the trend would continue as the market is volatile.
Oil output fell by 11.3 percent to 11.117 million tonnes in the second quarter compared with 12.528 mln tonnes for the same period in 2011. Natural gas liquids output fell by 22.6 percent to 693,000 tonnes, from 895,000 tonnes in 2011, the data released on Thursday showed.
Total yearly production could reach a new low in 2012 as first-half production is already down compared with first half 2011. UK oil and NGL output hit their lowest level since 1995 last year at 51.972 mln tonnes due to natural field declines.
Despite the fall, crude oil and NGL exports increased by 7.9 percent to 7.960 mln tonnes in the second quarter from 7.376 mln for the same period in 2011. The rise is also the first quarter-on-quarter increase since 2010.
More North Sea oil has been heading to South Korea over the last year due to a free trade pact with the UK. Flows to the country rose to one third of the UK's total Forties exports. Forties is one of the four North Sea crude grades that makes up the dated Brent oil benchmark.
(Reporting By Julia Payne; Editing by Alison Birrane)
Source: http://news.yahoo.com/uk-oil-output-shrinks-exports-q2-141247199--finance.html
nicki minaj barbie doll black dahlia drew drew lady gaga marry the night video lady gaga marry the night video pac 12 championship game
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.