Oil production averaged 2.45 million b/d, a 5 year high, in the U.K. during April.
Figures compiled by Royal Bank of Scotland plc, Edinburgh, show April production was up from an average 2.42 million b/d for March and almost 40% higher than in April 1993.
"Oil output has continued to rise strongly despite the normal seasonal pattern of some fields shutting down for maintenance," said Jo Armstrong, head of business economics at the bank.
"It is significant that large rises in production from two of the new fields, Nelson and East Brae, have helped offset losses due to shutdowns."
Armstrong said Britain's trade figures benefited by a 10% hike in the monthly average price for Brent crude oil to $15.20/bbl in April. The benefit was magnified by sterling's decline against the dollar, which brought the average sterling price to a 6 month high of 10.25/bbl.
Meantime, the U.K. Department of Trade & Industry (DTI) estimates that industry's exploration spending was down 21% in 1993 at 864 million ($1.29 billion), compared with 1992.
"This could indicate that oil companies are now focusing on confirming existing reserves rather than attempting to find longer term additions," Armstrong said.
A DTI survey of intentions shows operators expect a 16% reduction in the number of wildcats and appraisal wells drilled this year, followed by a slight rise in 1995.
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