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
| 17 Jan 19 |
UK: Downhole Steam Injection Valve takes the next step towards North Sea reality Pharis Energy and the Oil and Gas Technology Centre ('OGTC') have given the green light to Aberdeen-based oil and gas production technology business, Pragma Well Technology, to progress with the manufacture and prototype testing of their Downhole Steam Injection Valve ('DSIV') following a successful feasibility study. |
| 16 Jan 19 |
UK: Oil & Gas UK issues statement on Brexit Oil & Gas UK Chief Executive Deirdre Michie said: A deal outcome is in the best interests of this industry, which is critical for security of energy supply and supports hundreds of thousands of skilled jobs right across the UK. |
| 16 Jan 19 |
UK: Equinor to drill Verbier appraisal well with West Phoenix rig Jersey Oil & Gas has been advised by Equinor that the West Phoenix rig has moved off contract with Equinor Norway and will shortly come on contract with Equinor UK to commence operations on the three well UKCS drilling programme operated by Equinor UK, which includes the appraisal drilling of the Verbier discovery, the third well in the programme. |
| 16 Jan 19 |
UK: Corallian Energy's Wick well disappoints Reabold Resources has announced that Corallian Energy, operator of the Wick well located in the UKCS Block 11/24b, has informed the Company that the target Beatrice sands, whilst present in the well, were water bearing. The well has been drilled to a total depth of 1000m. |
| 16 Jan 19 |
UK: UK Oil & Gas continues oil production at Horse Hill-1 UK Oil & Gas (UKOG) has announced that sustained production continues to be maintained from the HH-1 extended well test ('EWT') programme, achieving a gross aggregate total of over 25,000 barrels to date, a significant production milestone. |
United Kingdom - more news
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