The UK Oil & Gas Authority (UKOGA) forecasts the country’s petroleum reserves could sustain production for at least the next 20 years. The report, “UK Oil & Gas: Reserves & Resources,” shows that remaining UK resources range 10-20 billion boe. The report looked at data for the end of 2016, and OGA said a total of 43.5 billion boe has been produced from the UK and UK Continental Shelf (UKCS).
Although remaining reserves are estimated at 5.7 billion boe, UKOGA said opportunities exists to add to these reserves by maturing the UK’s contingent resources. UKOGA’s report estimates 7.4 billion boe of discovered undeveloped resources, which lie mostly in mature developed areas. Investment in new field developments and incremental areas will be required, UKOGA said. In 2016, operators produced 600 million boe in the UK, but only 80 million boe of contingent resources were matured to reserves. Exploration success through 2016 added 210 million boe to the country’s contingent resources, UKOGA said.
Contact Tayvis Dunnahoe at [email protected].
