The latest Reserves and Resources report published today (22 October) shows that the NSTA’s estimate for proven and probable UK oil and gas reserves at the end of 2023 is 3.3 billion boe. 

This is 0.2 billion lower than at the end of 2022 which is due to production of around 424 mmboe in 2023 not being fully offset by additions following Field Development Plan approvals or additional reserves for producing fields. 

Official government forecasts suggest that oil and gas will remain a part of the UK’s energy mix as we transition to net zero. Managing the declining production to meet energy demands while they still exist; reduce reliance on imports; gain economic benefits; and secure an orderly transition is still vital.  

Contingent resource – discovered undeveloped resources – stands at 6.1 billion boe, with much of this resource in mature developed areas and under consideration for development. 

In aggregate, UKCS petroleum reserves and discovered resources both remain at approximately 70% oil and 30% gas, when expressed in oil equivalent terms. 

Managing the basin’s declining production to maximise value from the United Kingdom Continental Shelf (UKCS) is still vital to meet our energy demands as long as they exist, as well as reducing reliance on imports.

The report finds:

• The NSTA’s estimate for Proven and Probable (2P) UKCS Reserves as at end 2023 is 3.3 billion barrels of oil equivalent (boe), 0.2bn boe lower than as at end 2022. 
• In 2023, 424 million boe (mmboe) were produced, and 380 million boe net were added to 2P Reserves, which equates to a reserve replacement ratio of +59%. New Field Development activities across the industry were more than in 2022, with 310 mmboe matured by the granting of consent to 5 new field developments and 2 Field Development Plan Addenda. 
• The UKCS’s Contingent Resource level is significant with a central estimate of discovered undeveloped Resources of 6.1 billion boe. Much of this resource is in mature developed areas and under consideration for development. The maturation of Contingent Resources presents a significant opportunity for the UKCS’s petroleum Resources. This will require substantial investment in both new field developments and incremental projects.
• In aggregate, UKCS petroleum Reserves and discovered Resources both remain at approximately 70% oil and 30% gas, when expressed in oil equivalent terms. 
• The limited exploration drilling of six wells discovered less than 100mmboe in 20232 . A key part of exploration stewardship is now to progress the attractive opportunities within the Prospective Resource portfolio into drill-ready Prospects, and into subsequent Discoveries.
• The Mean Prospective Resources in mapped Leads and Prospects are estimated as 3.5 billion boe, unchanged from the end of 2022. This is supplemented by an additional mean prospective resource of 11.2 billion boe estimated to reside in Plays outside of mapped Leads and Prospects.

The full report can be accessed here.  

KeyFacts Energy Industry Directory: NSTA