UK estimated to produce more oil and gas than previously thought
11.9 billion barrels is the new forecast extraction potential by 2050
The amount of oil and gas produced by the UK is expected to grow considerably in the next 30 years, reflecting new discoveries and technological innovations.
An estimated 11.9 billion barrels is the new forecast extraction potential by 2050, an increase of almost 4 billion from estimates provided four years ago.
Lower production costs and technological advances are thought to be the main driver of the new forecast from the UK’s industry regulator.
“The 3.9 billion barrels identified is great news with 2018 being a productive year,” said Loraine Pace, Head of performance, planning and reporting at the Oil and Gas Authority.
"New discoveries such as Glendronach and Glengorm highlight the future potential of the basin which could be boosted further with new investment, exploration successes and resource progression."
The regulator, reporting to the Treasury ahead of the chancellor's spring statement, said oil output last year was up 8.9 per cent last year, the highest UK oil production rate since 2011.
Updated: March 12, 2019 10:29 AM