Europe / Caspian / CIS

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Summary | Profile

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

19 Jan 22
UK: Union Jack Oil announces results of Wressle downhole pressure analysis
AIM-listed Union Jack Oil has provided a summary of the results of an analysis of the bottom hole pressure data acquired from the Wressle-1 well during December 2021. Results demonstrate the significant potential of the Wressle-1 well and the production rates that could be achieved once the surface facilities are optimised and a gas monetisation scheme is in place.
18 Jan 22
UK: Judicial Review supports OGA Strategy
The judgment of the Judicial Review of the OGA Strategy has been handed down and it sets out a clear, resounding and comprehensive support of the OGA’s approach and position.
18 Jan 22
UK: Shell and ScottishPower win bids to develop 5 GW of floating wind power in the UK
Shell and ScottishPower have secured joint offers for seabed rights to develop large-scale floating wind farms as part of Crown Estate Scotland’s ScotWind leasing. The partners have won two sites representing a total of 5 gigawatts (GW) off the east and north-east coast of Scotland.
18 Jan 22
UK: PGS awarded Endurance CCS acquisition contract
PGS has been awarded a Carbon Capture and Storage ('CCS') 3D seismic acquisition contract by BP over the Endurance reservoir, located about 145 kms off the coast from Teesside and around 85 kms from the Humber coast. Seismic acquisition is scheduled to start during April 2022 and complete in June.
17 Jan 22
UK: Falck Renewables and BlueFloat Energy partnership celebrates ScotWind bid success
The Falck Renewables and BlueFloat Energy partnership taking part in the current ScotWind offshore wind leasing round is celebrating the success of three of its bids to secure seabed leases for sites which lend themselves to the deployment of large-scale floating wind technology in Scotland.

United Kingdom - more news

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