The Oil & Gas Authority (OGA) has published the 2020 UK oil and gas reserves and resources report, which finds that petroleum reserves remain at a significant level. The full report can be viewed here.
Overall oil and gas reserves as at the end of 2020 showed a decrease compared to end 2019. This is a result of production of around 570 mmboe in 2020 not being offset by additions to the reserves base as a result of Field Development Plan (‘FDP’) approvals and reserves adjustments for producing fields.
The UK’s contingent resources, of undeveloped but discovered hydrocarbons, reduced by 0.6 billion boe during 2020, to 6.8 billion boe.
The mean prospective resources in mapped leads and prospects are estimated as 3.7 billion boe. This has reduced by 0.4 billion boe from 2019. 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. The plays estimates when expressed in boe terms are unchanged since the end 2017 estimates, although revisions have been made to the estimated proportions of oil and gas. Ultimately the Yet-to-Find potential of the UK Continental Shelf will be determined by activity levels. The ultimate volume that can be delivered will depend critically on how industry generates new targets, the efficiency of resource progression from plays through to drill-ready prospects and the industry maintaining its ‘social license to operate’. Possible, future licensing rounds can in principle continue in alignment with UK climate objectives, but that a checkpoint should be introduced.