The UK has recoverable oil reserves that could last for another 20 years, according to the Oil & Gas Authority (OGA).
In a report the OGA said remaining recoverable reserves and resources range from 10-20bn barrels of oil equivalent.
“The UK’s petroleum reserves remain at a significant level which could sustain production for at least the next 20 years and beyond if additional undeveloped resources can be matured,” said the OGA.
The OGA said its prediction was based on “innovative supply chain arrangements”, lower operational expenditure and higher oil prices.
“This range can be justified by field life being extended due to lower opex and higher oil price, additional producing field incremental projects, actively worked undeveloped discoveries being unlocked by technology, and innovative commercial and supply chain arrangements,” said the report.
The report said up until the end of 2017 a total of 44.1bn barrels of oil have been produced from the UK continental shelf.
Gunther Newcombe, operations director at the OGA, said: “Future success of the basin requires attracting additional investment and drilling, implementing technology, and company collaboration on new and existing developments.”
☛ Want to stay up to date with the news? Sign up to our daily bulletin.