Predictions about how much gas and oil could be processed from the offshore industry of UK have been adapted upwards. The industry standard indicates 11.9 billion barrels will be extracted by 2050, up from an estimation of 8 billion four years ago. So far 43 billion barrels of oil or its gas equivalent have been extracted from UK waters. The new forecast is driven by lower production expense, technical advances and 30 new spheres coming on stream. Evaluation of oil and gas potential has been part of the argument about the financial situation confronting Scotland should it become independent.
The Oil and Gas Authority predict in 2015 that an additional eight billion barrels could be tapped in 2015, but which has been now hoisted by 3.9 million barrels.
The leader of performance, scheming and reporting at the OGA, Loraine Pace, told: “The 3.9 billion barrels identified is great news with 2018 being a productive year ”.
He also added, “ New discoveries such as Glendronach and Glengorm highlight the future potential of the basin which could be boosted further with new investment, exploration successes, and resource progression.”
The industry standard reporting to the Treasury in front of the spring statement of the chancellor told the oil output in the last year is up to 8.9 % and the highest oil production rate since 2011.
However, Gas production fell by 3%. The entire ratio is expected to fall from this onwards but at a slower rate than the previous production.
Capital spending also fell for the 4th successive year, although this trend is assumed to be reversed in 2019.