Decades of life left in the UK Continental Shelf

The UK has “significant petroleum reserves” which could sustain production for at least the next two decades.

The Oil and Gas Authority (OGA) estimates the overall remaining recoverable reserves and resources range between 10 to 20 billion barrels of oil equivalent (boe).

It estimates there are approximately 5.7bn boe of proven and probable UK reserves.

The report states that these alone, based on current production forecasts and not taking into account potential future exploration successes, have the capacity to sustain production for at least the next two decades.

Production could go on even longer if additional undeveloped resources can be matured. The OGA estimates there are 7.4bn boe of discovered undeveloped resources, much of which is in mature, developed areas and under consideration for development.

It added the maturation of contingent resources – those which are not yet considered mature enough for commercial development – presents “significant opportunity for the continued development of the UK’s petroleum resources”, but said it will require “substantial investment in new field developments and incremental projects”.

“The UKCS (UK Continental Shelf) is a world-class petroleum province with 10 to 20bn barrels of remaining discovered and undiscovered potential,” OGA operations director Gunther Newcombe said.

“Future success of the basin requires attracting additional investment, implementing technology and company collaboration on new and existing developments.”

Oil and Gas Authority operations director Gunther Newcombe.