Perenco UK, the country’s biggest onshore oil producer, saw losses of more than £113m in 2019. This compared with a profit of £250m the year before.

The company, which runs the Wytch Farm oil field in Dorset as well as a North Sea oil and gas business, reported a fall in revenue from £766m in 2018 to £558m in 2019.

The company’s annual accounts for the year to the end of December 2019 also showed falling sales of oil and gas and increased administrative expenses.

The Wytch Farm field, the largest onshore in western Europe, currently produces more than 80% of the UK onshore oil total.

Key figures

Source: Accounts for year to 31 December 2019

Loss before tax: £113,238,000 (2018: profit of £250,904,000)

Loss/profit: loss of £59,885,000 (2018: profit of £156,469,000)

Total comprehensive loss/profit: loss of £61,449,000 (2018: profit of £159,024,000)

Net assets: £20,948,000 (2018: £182,399,000)

Cash: £8,152,000 (2018: £4,723,000)

Dividend: £100m (2018: £nil)

Revenue: £558,307,000 (2018: £766,096,000)

Oil sales: £253,586,000 (2018: £304,746,000)

Gas sales: £245,095,000 (2018: £419,926,000)

Total operating revenue: £558,307,000 (2018: £766,096,000)

Cost of sales: £641,563,000 (2018: £555,362,000)

Admin expenses: £9,357,000 (2018: £5,973,000)

Change in decommissioning estimates: £14,494,000 (2018: loss of £23,781,000)

Staff costs: £77,422,000 (2018: 76,164,000)

Directors’ remuneration: £2,590,102 (2018: £1,912,278)

Foreign exchange losses and gains: loss of £6,978,000 (2018: £143,000)

Total taxation: credit of £53,353,000 (2018: charge of £94,435,000)

Long-term borrowings from affiliated companies: £97,697,000 (2018: £134,375,000)