Commenting on Edinburgh University’s oil and gas study published today, Deirdre Michie, Chief Executive of Oil & Gas UK, said:
“There are up to 20 billion barrels of oil and gas resources still to be recovered on the UK Continental Shelf, based on production forecasts provided by the Oil and Gas Authority.
“Production has increased over the last two years and we expect that to continue to rise. Significant new capacity has been added to the UKCS. Nine new fields began production in 2016 and a further seven started producing in the first half of this year – most of which will still be producing in 2030. A further 12 are due on-stream by the end of next year. Some notably large developments will still be producing towards 2050. Advances in technologies are also presenting fresh opportunities and helping make discoveries commercially viable.
“To ensure the remaining potential of the UKCS is realised, we need to keep operating costs low, bring in new investment and maintain a relentless focus on exploration and enhanced recovery.
“The UK Government forecasts that two thirds of the UK’s energy will come from oil and gas in 2035. We must maximise recovery of our domestic resources so that we can continue to help to meet the UK’s energy needs and safeguard the 300,00 UK jobs our industry supports.”
ENDS
Notes to Editors
Issued by the Communications Team, Oil & Gas UK. Contact Communications Manager Jennifer Philips on 01224 577279/ jphillips@oilandgasuk.co.uk
Oil & Gas UK is the leading representative organisation for the UK offshore oil and gas industry. Its membership comprises oil and gas producers and contractor companies.