In an announcement posted on its web site, the North Sea Transition Authority (NSTA) mentioned its newest assets and reserves report exhibits that the NSTA’s estimate for confirmed and possible UK oil and gasoline reserves on the finish of 2023 is 3.3 billion barrels of oil equal.
The NSTA highlighted within the assertion that that is 0.2 billion decrease than on the finish of 2022. It outlined that this variation “is because of manufacturing of round 424 million barrels of oil equal in 2023 not being totally offset by additions following area improvement plan approvals or extra reserves for producing fields”.
Contingent useful resource stands at 6.1 billion barrels of oil equal, the NSTA identified within the assertion. It highlighted that “a lot of this useful resource” is in “mature developed areas and into consideration for improvement”.
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The NSTA famous within the assertion that, on combination, UKCS petroleum reserves and found assets each stay at roughly 70 % oil and 30 % gasoline, when expressed in oil equal phrases.
It additionally identified that “official authorities forecasts recommend that oil and gasoline will stay part of the UK’s power combine as we transition to internet zero” and highlighted that managing declining manufacturing to fulfill power calls for whereas they nonetheless exist, lowering reliance on imports, gaining financial advantages, and securing an orderly transition “continues to be important”.
In a key details part on its web site, trade physique Offshore Energies UK (OEUK) states that oil and gasoline will nonetheless present 50 % of the UK’s power wants within the mid-2030s. The group notes on its web site that that is estimated to fall to 22 % by 2050.
“In all power situations, oil and gasoline will proceed to play a job in offering safe power provides,” OEUK states on its web site.
“Our work is as important as ever as we glance to proceed producing the oil and gasoline the UK wants, effectively and with manufacturing emissions as little as potential, whereas working with others to chop the emissions from using oil and gasoline,” it provides.
In a keynote speech on the 2024 Power UK Convention on September 17, which was transcribed on the UK authorities web site, the UK Secretary of State for Power Safety and Internet Zero, Ed Miliband, mentioned, “there shall be a transition that can take time, and oil and gasoline, together with from the North Sea, will proceed to play an vital function in our economic system for many years to return”.
“Our North Sea employees have large skills which might proceed to serve us in oil and gasoline in addition to industries like CCUS, renewables, and hydrogen,” he added.
The NSTA’s 2022 reserves and assets report, which was launched in October 2023, said that the UK’s petroleum reserves “stay at a big degree”.
“The NSTA’s estimate for confirmed and possible (2P) UK reserves as at finish 2022 is 3.5 billion barrels of oil equal, 0.5 billion barrels of oil equal decrease than as at finish 2021,” the report added.
In 2022, about 490 million barrels of oil equal have been produced, the 2022 report revealed. Lower than 20 million barrels of oil equal internet have been added to 2P reserves, which equates to a reserve alternative ratio of plus three %, the 2022 report famous.
“The UK’s contingent useful resource degree is critical with a central estimate of found undeveloped assets of 6.5 billion barrels of oil equal,” the 2022 report went on to state.
The NSTA’s 2021 reserves and assets report, which was launched in September 2022, additionally said that the UK’s petroleum reserves “stay at a big degree”.
“The NSTA’s estimate for confirmed and possible (2P) UKCS reserves as at finish 2021 is 4.0 billion barrels of oil equal, 0.4 billion barrels of oil equal decrease than as at finish 2020,” that report added.
“Regardless of the decreased actions throughout the trade as a result of Covid-19 pandemic, 150 million barrels of oil equal have been matured by the granting of consent to 1 new area improvement and 6 area improvement plan addenda,” it continued.
In that report, the NSTA mentioned the UK’s contingent useful resource degree “is critical with a central estimate of found undeveloped assets of 6.4 billion barrels of oil equal”.
The NSTA regulates and influences the oil and gasoline, offshore hydrogen, and carbon storage industries, based on its web site. The NSTA studies comprise data offered by the North Sea Transition Authority and/or different third events. OEUK describes itself because the main consultant physique for the UK offshore power trade.
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