The Barrel wrote yesterday about declining UK gas production. Some better news came from the oil side.
For the first time in several years, UK production of crude and natural gas liquids rose. In 2007, output totaled 76.75 million mt, or 1.598 million b/d) in 2007, up 0.2% from the previous year as nine new fields started production, helping to offset continuing declines from the country's older fields. The new fields in 2007 included Buzzard, the biggest field to come on stream in the UK North Sea for several years.
Combined with the fact that demand in the country declined, it slightly raised the UK's profile as an oil exporter. The UK is actually a net importer, but the drop in demand led to the UK's net oil imports falling to 653,000 mt last year, down sharply from 7.1 million mt in 2006. Demand was down by 2.6%.
We've written in the The Barrel how European government efforts at increasing diesel consumption have been working, and government data from the UK show the impact of those policies. Demand for diesel climbed 5.4% last year to reach 21.24 million mt. Gasoline consumption, on the other hand, continued its recent downward trend, falling 3.4% to 17.53 million mt.
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