Cost control pays off for North Sea oil producer

By Mark Lammey

July 31 2018, 6:58 am

The Repsol Sinopec Resourses UK Montrose Alpha platform with the Montrose BLP located in the North Sea, part of the MonArb project. Picture Simon Price/Firstpix Photography

North Sea oil producer Repsol Sinopec Resources UK (RSRUK) was back in the black in 2017 after years of posting heavy losses.

Operating cost per barrel was lowered to $40.20 in 2017 from $52.53 a year earlier.

It recorded pre-tax profits of £367 million last year, a vast improvement on a deficit of £1.1 billion in 2016. Losses came to £628m in 2015.