An industry leader has warned that the UK must ‘mind the gap’ between UK energy production and consumption.

At Offshore Energies UK’s (OEUK’s) Wells Conference, HSE & Operations Director Mark Wilson revealed the UK is producing less energy than ever before – the equivalent to only 60% of demand.

Well drilling activity has also significantly reduced, falling by almost 60% in the last ten years as oil and gas reserves have declined, but also as a consequence of lack of investment.

UK energy production and consumption trends. Source: OEUK’s 2024 Business & Supply Chain Outlook

In a keynote speech to over 200 attendees, Mark Wilson said there is a risk of the UK becoming increasingly reliant on imported oil and gas: 

“As the UK’s oil and gas production declines, the chasm between the energy we create and the energy we consume grows.

“The government acknowledges that we need oil and gas for decades to come. We must mind the gap between the UK’s energy consumption and falling levels of production, or risk becoming more reliant on imports than ever before.

“The UK, its politicians, people, and businesses must be conscious of this energy gap and the implications it has for our energy security, economy, supply chain and skills.

“We hope the Government recognises the need to bolster homegrown energy, and that the upcoming Autumn Budget sends the signals needed to stimulate business confidence and investment in this sector.”

KeyFacts Energy Industry Directory: Offshore Energies UK