The 2023 UKCS Production Efficiency dashboard and the 2023 UKCS Unit Operating Cost dashboard were published on 23 July 2024
Production Efficiency which indicates how well companies are performing by comparing actual production with the volumes they could potentially have produced, dropped by 1 percentage point to 77% in 2023. The reduction was largely due to maintenance shutdowns taking longer than expected, and issues with gas processing equipment.
Industry must stay focused on Unit Operating Costs – the average amount of money spent to produce a barrel of oil and gas – after it rose from £16.35 per barrel of oil equivalent (boe) in 2022 to £18.59 per boe in 2023. The increase was mainly caused by the drop in UKCS production last year.