LONDON – Britain has sufficient petroleum reserves to sustain offshore production for at least the next two decades or more, assuming that further undeveloped resources can be matured.
A report by theOil and Gas Authority (OGA) – ‘UK Oil and Gas: Reserves and Resources’ – assesses the remaining recoverable reserves and resources in the range of 10-20 Bboe.
Main findings of the report are:
- Proven and probable (2P) UK continental shelf reserves at end-2017 of 5.4 Bboe.
- In 2017, additions comprised 100 MMboe which were matured from new field developments, 80 MMboe due to infield activities; and around 220 MMboe due to field-life extensions.
- The UK’s contingent resource level (2C) is significant with undeveloped resources of 7.5 Bboe. Much of this is in mature areas: 2.1 Bboe could be added through new field developments, 2.1 Bboe from incremental projects in producing fields, and the remaining 3.2 Bboe from undeveloped discoveries where no activity is currently planned.
- Maturation of the contingent resources will require substantial investment in new field developments and incremental projects.
- Exploration in 2017 delivered an additional 181 MMboe contingent resources.
- During the past two years the OGA and the British Geological Survey have been re-evaluating the UKCS’ mapped lead and prospect inventory. Following volumetric, economic and risk adjustments this is now estimated at a mean value of 4.1 Bboe.
- The OGA’s statistical play analysis suggests a further mean prospective resource of 11.2 Bboe could reside in plays outside of mapped leads and prospects, with the proportion of gas being above 60%.
Gunther Newcombe, the authority’s Operations Director, said: “The OGA has an important role in helping to steward this resource base, revitalize exploration and maximize economic recovery, working closely with industry and government.
“Future success of the basin requires attracting additional investment anddrilling, implementing technology, and company collaboration on new and existing developments.”