Europe / Caspian / CIS
Country profile: United Kingdom
| Location: | Western Europe, islands including the northern one-sixth of the island of Ireland between the North Atlantic Ocean and the North Sea, northwest of France |
| Climate: | temperate; moderated by prevailing southwest winds over the North Atlantic Current; more than one-half of the days are overcast |
| Terrain: | mostly rugged hills and low mountains; level to rolling plains in east and southeast |
| Size: | 244820 sq. km total (Land area: 241590 sq. km Water area: 3230 sq.km) |
| Population: | 60,943,912 (July 2008 est.) |
| Languages: | English, Welsh (about 26% of the population of Wales), Scottish form of Gaelic (about 60,000 in Scotland) |
| Government: | constitutional monarchy |
| Capital city: | London |
| Legal system: | based on common law tradition with early Roman and modern continental influences; has nonbinding judicial review of Acts of Parliament under the Human Rights Act of 1998; accepts compulsory ICJ jurisdiction, with reservations |
| Currency: | British pound (GBP) |
| Licensing: |
Country profile
The United Kingdom (UK) is an important political and economic power in Europe and the world. It has the second-largest economy in the European Union (EU) with a nominal 2005 gross domestic product (GDP) of $2.2 trillion. The UK economy grew by 1.8 percent in 2005, with growth of 2.2 percent forecasted for 2006. While the UK has been a member of the EU since 1973, it does not participate in the European single currency, the Euro. The UK is the largest producer of oil and natural gas in the EU.
However, after years of being a net exporter of both fuels, the UK became a net importer of natural gas in 2004. Government estimates also predict that the country will become a net importer of oil by the end of the decade. Production from UK oil and natural gas fields peaked in the late 1990s and has declined steadily over the past several years, as the discovery of new reserves has not kept pace with the maturation of existing fields. In response, the government has begun a three-pronged approach to address the predicted domestic shortfalls: 1) increasing domestic production through efficiency gains and the exploitation of marginal fields; 2) establishing necessary import infrastructure, such as liquefied natural gas (LNG) receiving terminals and transnational pipelines; and 3) investing in energy conservation and renewables.
Energy production and consumption
| Oil | Gas | |
| Production: | 1 million bbl/day (2005 est.) | 84 billion cu m (2005 est.) |
| Consumption: | 1 million bbl/day (2005 est.) | 91 billion cu m (2005 est.) |
| Exports: | 1 million bbl/day (2005 est.) | 8 billion cu m (2005 est.) |
| Imports: | 1 million bbl/day (2005 est.) | 15 billion cu m (2005 est.) |
| Reserves: | 4 billion bbl (1 January 2006 est.) | 509 |
| Major fields: |
United Kingdom - recent news
| 29 Sep 23 |
UK: We need more projects like Rosebank if we are serious about homegrown UK energy future - OEUK The leading trade body for the offshore energy sector, Offshore Energies UK (OEUK), has hailed the UK Government’s decision to approve the new Rosebank oil and gas field. At its peak, Rosebank could produce 69,000 barrels of oil (9,000 tonnes) per day – equivalent to 8% of the UK’s entire output between 2026 and 2030. It could also produce in excess of 21 MMSCF of natural gas every day. |
| 28 Sep 23 |
UK/Germany hydrogen agreement great boost for homegrown energy The leading body for the UK’s offshore energy industry, Offshore Energies UK (OEUK), has praised news that the UK and Germany have signed an agreement to work together to accelerate the development of an international hydrogen industry. |
| 28 Sep 23 |
UK: IOG announces notice of intention to appoint administrators and suspension of trading in the Company's shares IOG has announced that, after extensive consideration of the Company's current financial situation following underperformance of the developed assets and the resulting creditor position, the Board has regrettably concluded that IOG should be placed into administration in order to preserve the value of the business for creditors. |
| 28 Sep 23 |
UK: TechnipFMC awarded large iEPCI contract for Equinor’s Rosebank development TechnipFMC has been awarded a large integrated Engineering, Procurement, Construction, and Installation (iEPCI) contract by Equinor for its Rosebank project, west of the Shetland Isles in the United Kingdom. |
| 27 Sep 23 |
UK: Equinor announces development of the Rosebank field on the UKCS Equinor and Ithaca Energy have taken the final investment decision to progress Phase 1 of the Rosebank development on the UK Continental Shelf (UKCS), investing USD 3.8 billion. Total recoverable resources are estimated at around 300 million barrels of oil, with Phase 1 targeting estimated 245 million barrels of oil. |
United Kingdom - more news
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