Enough UK Oil Reserves ‘For At Least 20 Years of Production’

Credit: BBC

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The Oil and Gas Authority (OGA) has estimated overall remaining recoverable reserves and resources of up to 20 billion barrels. However, it said significant investment was required in new field developments for untapped potential to be realised. The OGA said further collaboration between companies was also needed.

The report describes the UK’s petroleum reserves as remaining at a “significant” level.

Higher price

Gunther Newcombe, operations director at the OGA said: “OGA’s current estimate of remaining recoverable hydrocarbon reserves and resources from UKCS’s producing fields, undeveloped discoveries and mapped leads and prospects is in the range 10 to 20 billion boe (barrels of oil equivalent) plus.”

The OGA highlighted extended field life factors included lower operating costs and higher oil price. In September, official figures showed oil and gas production from Scottish waters had fallen by 1.7% after two consecutive years of growth.

They show that 73.7 million tonnes of oil, gas and liquid gas were produced in 2017-18, compared with 75 million during the previous year. However the value of the oil and gas grew by 18.2% to about £20bn, largely thanks to the rising oil price.