Drilling & Completion

UK offshore reserves falling following modest exploration drilling

Sept. 29, 2022

Britain’s remaining proven and probable oil and gas reserves totaled 4 Bboe at the end 2021, which was 400 MMboe more than at the end of 2020, according to the North Sea Transition Authority.

This chart depicts how production and the central estimate of reserves have changed in the last nine years. Overall the UK reserves have decreased.

Offshore staff

LONDON — Britain’s remaining proven and probable oil and gas reserves totaled 4 Bboe at the end 2021, which was 400 MMboe more than at the end of 2020, according to the North Sea Transition Authority (NSTA).

Production during 2021 was 490 MMboe. The underlying reserves replacement ratio in 2021 was +9%.

The chart illustrates how 2P reserves and the reserves replacement ratio have changed over the last 22 years. — The chart illustrates how 2P reserves and the
reserves replacement ratio have changed over the last 22 years.

However, despite the industry cutting back activities due to COVID-19, 150 MMboe were matured through consents for one new field development and six field development plan addenda.

The NSTA assesses the UK’s contingent discovered undeveloped resources of 6.4 Bboe, much of this lying in mature developed areas and under consideration for development. Maturation of contingent resources presents a significant opportunity, it added, but will require substantial investment in both new field developments and incremental projects.

UK petroleum reserves and discovered resources are about 70% oil and 30% gas.

Exploration drilling across the shelf last year discovered less than 50 MMboe in 2021. A key part of exploration stewardship, the NSTA said, is now to progress the attractive opportunities in the prospective resource portfolio into drill-ready prospects, and subsequent discoveries.

It estimates mean prospective resources in mapped leads and prospects at 4 Bboe, with a further mean prospective resource of 11.2 Bboe thought to lie in plays outside of mapped leads and prospects.

09.29.2022