Report also says petroleum reserves can sustain UK oil production for two decades
According to a new report today, the Oil & Gas Authority (OGA) has estimated that the remaining recoverable reserves and resources range between 10 to 20bn barrels of oil equivalent (BOE).
In the report, the oil and gas offshore industry regulator has reduced its estimates of the amount of known oil and gas left under UK waters and stated that this amount has dropped from 6.3bn barrels to 5.7bn over the year to the end of 2016.
OGA operations director Gunther Newcombe said: “The UKCS is a world class petroleum province with 10 to 20 billion barrels of remaining discovered and undiscovered potential. 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,” Newcombe added.
The latest estimate by the regulator is said to be enough to sustain production for the next two decades. Production could go on even longer if additional undeveloped resources can be matured, the report added.
The report comes after a detailed survey by the Aberdeen-based industry regulator of the operators of more than 300 offshore oil and gas fields.