• 2 days U.S. On Track To Unseat Saudi Arabia As No.2 Oil Producer In the World
  • 2 days Senior Interior Dept. Official Says Florida Still On Trump’s Draft Drilling Plan
  • 2 days Schlumberger Optimistic In 2018 For Oilfield Services Businesses
  • 3 days Only 1/3 Of Oil Patch Jobs To Return To Canada After Downturn Ends
  • 3 days Statoil, YPF Finalize Joint Vaca Muerta Development Deal
  • 3 days TransCanada Boasts Long-Term Commitments For Keystone XL
  • 3 days Nigeria Files Suit Against JP Morgan Over Oil Field Sale
  • 3 days Chinese Oil Ships Found Violating UN Sanctions On North Korea
  • 3 days Oil Slick From Iranian Tanker Explosion Is Now The Size Of Paris
  • 3 days Nigeria Approves Petroleum Industry Bill After 17 Long Years
  • 4 days Venezuelan Output Drops To 28-Year Low In 2017
  • 4 days OPEC Revises Up Non-OPEC Production Estimates For 2018
  • 4 days Iraq Ready To Sign Deal With BP For Kirkuk Fields
  • 4 days Kinder Morgan Delays Trans Mountain Launch Again
  • 4 days Shell Inks Another Solar Deal
  • 5 days API Reports Seventh Large Crude Draw In Seven Weeks
  • 5 days Maduro’s Advisors Recommend Selling Petro At Steep 60% Discount
  • 5 days EIA: Shale Oil Output To Rise By 1.8 Million Bpd Through Q1 2019
  • 5 days IEA: Don’t Expect Much Oil From Arctic National Wildlife Refuge Before 2030
  • 5 days Minister Says Norway Must Prepare For Arctic Oil Race With Russia
  • 5 days Eight Years Late—UK Hinkley Point C To Be In Service By 2025
  • 5 days Sunk Iranian Oil Tanker Leave Behind Two Slicks
  • 5 days Saudi Arabia Shuns UBS, BofA As Aramco IPO Coordinators
  • 5 days WCS-WTI Spread Narrows As Exports-By-Rail Pick Up
  • 5 days Norway Grants Record 75 New Offshore Exploration Leases
  • 5 days China’s Growing Appetite For Renewables
  • 6 days Chevron To Resume Drilling In Kurdistan
  • 6 days India Boosts Oil, Gas Resource Estimate Ahead Of Bidding Round
  • 6 days India’s Reliance Boosts Export Refinery Capacity By 30%
  • 6 days Nigeria Among Worst Performers In Electricity Supply
  • 6 days ELN Attacks Another Colombian Pipeline As Ceasefire Ceases
  • 6 days Shell Buys 43.8% Stake In Silicon Ranch Solar
  • 6 days Saudis To Award Nuclear Power Contracts In December
  • 7 days Shell Approves Its First North Sea Oil Project In Six Years
  • 7 days China Unlikely To Maintain Record Oil Product Exports
  • 7 days Australia Solar Power Additions Hit Record In 2017
  • 7 days Morocco Prepares $4.6B Gas Project Tender
  • 7 days Iranian Oil Tanker Sinks After Second Explosion
  • 9 days Russia To Discuss Possible Exit From OPEC Deal
  • 9 days Iranian Oil Tanker Drifts Into Japanese Waters As Fires Rage On
What’s The Limit For Permian Oil Production?

What’s The Limit For Permian Oil Production?

The Permian, dubbed as the…

New Importers Keep LNG Markets Tight

New Importers Keep LNG Markets Tight

While increased LNG demand from…

UK Oil & Gas Reserves Fall To 5.7 Billion BOE

Barrels

The UK’s proven and probable (2P) oil and gas reserves as at end-2016 were 5.7 billion barrels of oil equivalent (boe), down from 6.3 billion boe at end-2015, due to production exceeding additions and reserves adjustments for producing fields, the UK’s Oil & Gas Authority said in a report published on Tuesday. 

The UK still has significant oil and gas reserves capable of sustaining production from the UK Continental Shelf for another 20 years and more, but replacement of proven and probable reserves remains a concern, the authority said.

Last year, some 600 million boe were produced, but only 80 million boe of contingent resources were matured to reserves—such that can be commercially viable to explore. This translates into a reserve replacement ratio of 13 percent, which leads to an underlying decline of the proved resources, the Oil & Gas Authority warned.

The regulator estimates that the UKCS contains discovered undeveloped resources of 7.4 billion boe, with much of those resources in mature developed areas and under consideration for development. Although these resource developments are a significant opportunity, it will “require substantial investment in new field developments and incremental projects,” the authority said in its report.

In order to reach a reserves replacement ratio of 25 percent over the next five years, the UK oil and gas sector will need some US$11.9 billion (9 billion British pounds) of investment, at an average unit development cost of US$15.87 (12 British pounds) per boe.  

Related: Oil Majors Rebound As Breakevens Hit $50 Per Barrel

“Overall estimated ultimate recovery (EUR) grew during the 1970s, 80s and 90s. However EUR is now static as a result of low reserves replacement and recent reserves downgrades due to the fall in oil price,” the regulator said.

Based on geological attributes associated with some 3,000 identified leads and prospects, the authority’s central estimate is that the UK has prospective undiscovered resources of 6.0 billion boe, ranging from the lower estimate of 1.9 billion boe to the upper estimate of 9.2 billion boe.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News