EDINBURGH, United Kingdom -- Investment continued to boom in the UK in 2014 with $19 billion (£12 billion) of capital expenditure pumped into the sector -- keeping the UK in the top 10 countries for upstream spend globally. Wood Mackenzie' s annual United Kingdom Upstream review, says this investment meant after several years of steep decline, UK production stabilised and is even expected to grow in the near term. However, Wood Mackenzie also warns that 2014 was a very challenging year for the UKCS with rising costs, poor exploration results and falling oil prices squeezing already tight project economics -- casting further concern over the outlook for 2015 and beyond.
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