Natural Gas Liquids (NGL) production in the UK stood at 118.54 Thousand Terajoules in 2023. Over the past decade, production has shown significant fluctuations. The highest recorded value was in 2017 at 156.08 Thousand Terajoules, post-which a general decline is evident. The year-on-year variations have been notable, with 2023 showing a decline of 4.17% compared to the previous year. The Compound Annual Growth Rate (CAGR) from 2018 to 2023 stands at -4.65%.
Forecasts from 2024 to 2028 suggest a continued downward trend. The five-year forecasted CAGR is -4.1%, with an anticipated production decrease to 91.19 Thousand Terajoules by 2028. This projected decline indicates a substantial 18.88% reduction over these five years.
Future trends to watch for include:
- Technological advancements that may optimize production efficiency and offset declining trends.
- Policy changes and environmental regulations that may impact production capacities and outputs.
- Market demand fluctuations influenced by global energy transitions towards renewable sources.