Analytical Instrumentation

  • Is the UK a Net Crude Oil Exporter?

Is the UK a Net Crude Oil Exporter?

Mar 12 2018 Read 956 Times

Traditionally, the UK isn't considered one of the world's oil and gas giants. Though according to the latest industry gossip, Old Blighty could be about to turn up the heat and emerge as a net exporter of global benchmark Brent crude.

While there's been plenty of talk surrounding the country's shrinking production and aging oil fields, statistics suggest that the UK is about to become a net crude oil exporter for the first time in over a decade. Not only does the milestone represent exciting financial opportunities for the UK, but it's also one of the main criteria for joining OPEC.

North Sea projects fuel British crude boom

The export boom comes in the wake of several new projects about to get underway in the North Sea. This includes BP’s ambitious 130,000-bpd Quad204 project, which is expected to process 130,000 barrels a day when the purpose-built FPSO hits peak production. It also factors in Premier Oil Plc’s Catcher 60,000-bpd fields, which is estimated to hit an output rate of 60000 barrels of oil per day by April. If all goes to plan, experts predict that the new North Sea projects could elevate Britain's crude output above 1 MMbpd. When viewed on a net trade basis, this could see overseas sales surpass imports.

“There is clear potential for the UK to return to being a net exporter again,” comments JBC, an independent oil and gas research centre.

UK hits 14-year milestone

While it's unlikely that the UK would join OPEC, a potential increase in net exports does suggest an imminent rebound in UK crude production. Between 2000 and 2014 output consistently declined, which means output of over 1 MMbpd would be a hugely positive milestone for the British oil and gas industry.

According to Bloomberg calculations based on figures from the Joint Organisations Data Initiative, the last time Britain's exports surpassed its imports was 2004. If output climbs above 1 MMbpd in 2018 it would exceed last year's figures by almost 10%.

Gulf of Mexico refiners guzzle British crude

So who's buying global benchmark Brent crude extracted from North Sea fields? Refiners in the US Gulf of Mexico are the biggest consumers, with many seeking to fill the gap that's emerged from Venezuela's shrinking industry. With British production continuing to climb and global demand set to endure, experts assert that the future is looking bright for Britain's oil industry. At least in the short term.

Across the globe, producers rely on sophisticated equipment to analyse extracted oil and gas. Investigating the criteria for choosing a sample gas pump model, 'Bellows Pumps as the Foundation for Process and Emissions Analysis Sending Sample Gas Well on its Way' offers a closer look at the latest solutions from Bühler.

Read comments0

Do you like or dislike what you have read? Why not post a comment to tell others / the manufacturer and our Editor what you think. To leave comments please complete the form below. Providing the content is approved, your comment will be on screen in less than 24 hours. Leaving comments on product information and articles can assist with future editorial and article content. Post questions, thoughts or simply whether you like the content.

Digital Edition

Petro Industry News November 2018

November 2018

In This Edition Fuel for Thought - VEGA Grieshaber is a TOP innovator in 2018 - Teledyne Technologies acquire Falcon Analytical Systems - Servomex appoints new VP of sales for the Americas...

View all digital editions


Smart Factory Expo (SFE 2019)

Jan 16 2019 Tokyo, Japan


Jan 16 2019 Dubai, UAE

National Biodiesel Conference + Expo

Jan 21 2019 San Diego, CA, USA


Jan 23 2019 Lagos, Nigeria

Saudi Plastics and Petrochem

Jan 27 2019 Jeddah, Saudi Arabia

View all events