The UK’s remaining petroleum reserves could last for at least 20 more years.
That’s according to a new report from the Oil and Gas Authority (OGA), which suggests they could last even longer if additional undeveloped resources, ranging between 10 to 20 billion barrels of oil equivalent (boe), can be matured.
To date, a total of 43.5 billion boe has been produced in the region, with approximately 5.7 billion boe left in direct reserves, leading the OGA to call the UK Continental Shelf a “world class petroleum province”.
It says recovering the remainder is likely to require substantial investment in new field developments and other projects.
Operations Director, Gunther Newcombe, said: “The OGA has an important role in helping to steward this resource base, revitalise exploration and maximise economic recovery, working closely with industry and government.
“Future success of the basin requires attracting additional investment, implementing technology and company collaboration on new and existing developments.”