Reserves and resources

The Oil and Gas Authority (OGA) estimate of remaining UK Continental Shelf (UKCS) recoverable petroleum resources is
in the range 10 to 20 billion barrels or more of oil equivalent (boe), including discovered and undiscovered petroleum resources

The Oil and Gas Authority’s (OGA) ‘UK Oil and Gas: Reserves and Resources’ report published in July 2019, shows that overall remaining recoverable reserves and resources range from 10 to 20 billion barrels plus of oil equivalent, as at the end of 2018.

The findings of the report include:

  • The UK’s petroleum reserves remain at a significant level. The OGA’s estimate for proven and probable (2P) UK reserves as at end 2018 is 5.5 billion boe, slightly higher than as at end 2017 despite a year’s production. On the basis of current production projections, this could sustain production from the UKCS for another 20 years or more.
    • In 2018, 680 million boe (mmboe) were added to 2P reserves and about 600 mmboe were produced which equates to a reserve replacement ratio of 115%. 225 mmboe were matured by the granting of consent to new field developments, about 250 mmboe as a result of consent to field development plan addenda, and about 205 mmboe as a result of other infield activities, improved field performance and field-life extensions. The limited rate of replacement of proven and probable reserves by resource maturation from new field developments remains a key concern.
    • The UK’s contingent resource level is significant with a central estimate of discovered undeveloped resources of 7.5 billion boe. Much of this resource is in mature developed areas and under consideration for development. The maturation of contingent resources presents a significant opportunity for the continued development of the UK’s petroleum resources. This will require substantial investment in both new field developments and incremental projects.
    • In aggregate, UKCS petroleum reserves and discovered resources are both approximately 70% oil and 30% gas, when expressed in oil equivalent terms.
    • Exploration success in 2018 delivered an addition of 239 million boe to the total of contingent resources. A key part of exploration Stewardship is now to progress the many attractive opportunities within the prospective resource portfolio into drill-ready prospects, and into subsequent discoveries.
    • The mean prospective resources in mapped leads and prospects are estimated as 4.1 billion boe. This is supplemented by an additional mean prospective resource of 11.2 billion boe estimated to reside in plays outside of mapped leads and prospects. These estimates when expressed in boe terms are unchanged since the end 2017 estimates