OEUK Challenges NSTA's Projections on UK Continental Shelf Gas Reserves
Offshore Energies UK (OEUK) claims recoverable gas reserves on the UK Continental Shelf total 456 bcm, exceeding the North Sea Transition Authority's projection of 226 bcm from 2025 to 2050. OEUK argues that the decline in UK gas production is policy-driven and not geological, asserting that new investment and regulatory reforms are necessary to unlock these reserves. The organization highlights 111 projects with potential investments of £50 billion and emphasizes the importance of domestic gas production for energy security and lower emissions.
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Offshore Energies UK (OEUK) reported that recoverable gas reserves on the UK Continental Shelf (UKCS) are 456 billion cubic meters (bcm), more than double the North Sea Transition Authority's (NSTA) projection of 226 bcm for 2025-2050. In its response to a government consultation on the gas sector, OEUK contends that the decline in UK gas production is due to policy, not geology, and asserts that significant investment is needed to increase domestic supply.
OEUK identified 111 projects, potentially worth £50 billion, requiring tax and regulatory reforms. In 2024, UKCS supplied 43% of UK gas, with imports from Norway also accounting for 43%, and LNG making up 14%. OEUK warns that declining domestic production could lead to an increase in LNG, which it states is more carbon-intensive than North Sea gas.
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