UK Oil & Gas Reserves Fall To 5.7 Billion BOE

1 Nov 2017   United Kingdom

The UK’s proven and probable (2P) oil and gas reserves as at end-2016 were 5.7 billion barrels of oil equivalent (boe), down from 6.3 billion boe at end-2015, due to production exceeding additions and reserves adjustments for producing fields, the UK’s Oil & Gas Authority said in a report published on Tuesday. The UK still has significant oil and gas reserves capable of sustaining production from the UK Continental Shelf for another 20 years and more, but replacement of proven and probable reserves remains a concern, the authority said. Last year, some 600 million boe were produced, but only 80 million boe of contingent resources were matured to reserves—such that can be commercially viable to explore. This translates into a reserve replacement ratio of 13 percent, which leads to an underlying decline of the proved resources, the Oil & Gas Authority warned. The regulator estimates that the UKCS contains […]

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