Possible 17 billion barrels to come from UK waters in next thirty years

£330bn could be spent on exploration in UK waters in the next thirty years, according to new research from Aberdeen Uni.

Professor Alex Kemp and Linda Stephen reckon there could 17 billion barrels of oil or gas equivalent still to be produced from the basin. That’s in addition to the 43 billion extracted since the 70s.

This can only happen though, if conditions for the industry are good – i.e. on cost, price, funding and the development of new technologies. It could spell a turnaround from the downturn we’ve seen in recent years.

The price of Brent Crude is also a big indicator of things to come, with a barrel price close to $80.

Oil & Gas UK Upstream Policy Director Mike Tholen said:

“This is an interesting paper which shows that industry’s Vision 2035 is within our grasp. Securing fresh investment in exploration and development activity on the UK Continental Shelf is the key to unlocking this opportunity. As our recent Economic Report highlighted, the challenge now is to build upon the solid investment conditions which have improved our competitiveness.

“The UK’s offshore oil and gas industry is at the beating heart of our society, essential for security of supply, supporting hundreds of thousands of highly skilled jobs and contributing billions to the economy. By adding a generation of productive life to the basin and expanding the UK supply chain’s global footprint, this shows the important role industry will play for many years to come.”