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15 May 2023

OEUK: North Sea still supports UK energy security amidst oil, gas production decline

(WO) — Offshore Energies UK has responded to claims by the Energy & Climate Intelligence Unit (ECIU) that the UK faces sharp rises in gas imports, and import costs, over the next decade, linked to declining production from the UK's North Sea. oil and gas production platform in the North Sea

Offshore Energies UK, representing companies involved in producing energy from the UK's continental shelf, said gas and oil production was indeed in long-term decline. However, the North Sea and other UK waters still contained enough gas and oil to support much of the nation's needs during the three decades it will take to reach net zero.

OEUK's Business Outlook report, published in March 2023, said the UK produced about 500 MMboe in 2022 – enough to meet 44% of the UK's gas consumption and 67% of demand for oil and related products. Gas and oil equivalent to another 15 Bbl of oil are estimated to remain in place - enough to support the UK for about three decades at current usage rates.

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