Big oil? Industry regulator clips oil and gas estimates

Estimated recoverable oil and gas reserves have dropped from 6.3 billion barrels in 2015 to 5.7 billion barrels at the end of 2016, a report published by the OGA shows.

The new estimate is enough to sustain production for at least the next 20 years, the regulator said.

In comparison, 43.5 billion boe have been extracted from UK oil and gas fields in the North Sea since the 1970s, the report says.

The UKCS is a world class petroleum province with 10 to 20 billion barrels of remaining discovered and undiscovered potential

Gunther Newcombe, operations director, OGA

Elsewhere in the report, the OGA estimates there are 7.4 billion boe of proved undeveloped resources. Much of this resource is in mature developed areas and under consideration for development, the report shows.  

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.”

The UK Oil and Gas Reserves and Resources report can be found here.