Oil production at U.K. oil rigs hit a record high this year for the first time since 2009, as output climbed for the third straight year and the U.N. agency for sustainable development said it was forecasting more production growth in 2020.
BP predicts oil production will rise by 2.4 million barrels a day to 4.4 billion barrels this year and 3.6 billion barrels next year.
The agency said the number of rigs is expected to rise to 1.2 million this year from 1.1 million last year.
BP expects that the U to continue adding oil to its total, which is projected to hit 4.3 billion barrels in 2020, compared to the 3.9 billion in 2015.
It also expects production to climb by 2 percent to 3.4 trillion barrels a year by 2025, and by 3 percent to 4 trillion barrels by 2035.
BP is forecasting oil production at the rigs will grow to 4 billion barrels a month in 2020 from 3.7 billion barrels last year and to 4,500 barrels a barrel in 2021.
The increase in rig activity was a result of the lifting of the global oil embargo and the OPEC-led effort to curb global production and push prices higher, said John Deere spokesman John Koehn.
Deere’s output at its 2.5 million rigs, the largest in the world, rose for the sixth straight year in the first quarter.
The oilfield services company expects the number at its 3.5 billion rigs to continue rising, and the number is expected in 2020 to reach 4.2 billion barrels, up from 3 billion in the previous year.
It is also forecasting rigs to rise by 3.1 percent to 2.9 trillion barrels in 2021 from 2.8 trillion in the year before.
The industry’s biggest producer, ConocoPhillips, forecast production will climb by 4 percent to 5.3 trillion barrels next years output, up 1 percent from the previous forecast.
The company’s output growth for 2020 is expected at its rigs to reach 1.7 million barrels per day, a 1 percent increase from the 1.6 million barrels for last year, the company said.