OGA: UKCS reserves could last another 20 years

Nov. 9, 2018
The Oil & Gas Authority estimates the UK Continental Shelf’s proved and probable reserves as of Dec. 31, 2017, were 5.4 billion boe, which could sustain production for at least another 20 years or more based on current production rates. The report said 400 million boe were added to the categories of proved and probable reserves during 2017. About 600 million boe was produced, which equates to a reserve replacement ratio of 69%.

The Oil & Gas Authority estimates the UK Continental Shelf’s proved and probable reserves as of Dec. 31, 2017, were 5.4 billion boe, which could sustain production for at least another 20 years or more based on current production rates.

The report said 400 million boe were added to the categories of proved and probable reserves during 2017. About 600 million boe was produced, which equates to a reserve replacement ratio of 69%.

But OGA notes the limited rate of replacement of proved and probable reserves remains a key concern. Many UKCS fields are mature.

Continued development of the UKCS petroleum resources will require investment in both new field developments and incremental projects, OGA said, adding UKCS petroleum reserves and discovered resources are 70% oil and 30% natural gas.

Exploration success in 2017 delivered an addition of 181 million boe to the total of contingent resources. A key part of exploration efforts involves the movement of many attractive opportunities within the prospective resource assets into drill-ready prospects.

For 2 years, OGA worked with the British Geological Survey to reevaluate the UKCS mapped leads and prospects.