At 80%, production efficiency has risen by 15 percentage points compared to 2014 with production losses declining by 34% between 2018 and 2019
More efficient production often corresponds to lower emissions intensity on production facilities and since 2014, the 15% improvement in production efficiency has contributed to a 13% reduction in carbon emissions intensity
Production levels remained stable in 2019 at around 1.69 million boe per day. This is an increase of 270,000 boe per day or 99 million barrels per year higher than in 2014
The number of exploration wells spudded has increased from 17 in 2018 to 28 in 2019 with 243 million boe discovered in 2019
0.3bn barrels were added to reserves during 2019, a reserves replacement ratio of 44%
£356 million was spent on intervention activity in 2019, a 20% increase in spend from 2018
Unit operating costs (UOC) remained stable at an average of £11.90 per barrel in 2019, compared to £11.60 per barrel in 2018.
In this critical time, this level of performance is having an important contribution to resilience.
Throughout the meeting, operators shared examples of operational best practices, alongside thoughts and experiences on how new technologies can be best deployed, and examples of net zero initiatives and successful collaboration with the supply chain.
The OGA was grateful to the operators for their open and collaborative outlook and reiterated a commitment to providing flexible support to the industry where possible through this difficult period.