DECC today published its annual updated estimates which show UK oil and gas reserves and resources are in the range of 11.1 to 21.0 billion barrels of oil equivalent (boe).
DECC says that these figures show there is still a lot of potential remaining in domestic energy reserves. They also further underline the importance of greater collaboration and efficiency in the industry as described in Sir Ian Wood’s recommendations.
It’s for that reason that the Government has fast-tracked the recommendations of the Wood Review to maximise the potential of the North Sea and make sure the whole of the UK benefits.
“The Government recognises the importance of the oil and gas sector and is committed to working with industry to create the right conditions to maximise opportunity and investment to the benefit of the whole UK economy,” DECC said in a statement.
The published estimates do not include any estimates for shale gas or shale oil reserves as exploration for shale gas is still at a very early stage in the UK.