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Breaking: UK Oil and Gas Forecast Raised Upwards Thanks to Scottish Fields

Published in Oil Industry News on Monday, 11 March 2019


Graphic for News Item: Breaking: UK Oil and Gas Forecast Raised Upwards Thanks to Scottish Fields

The Oil and Gas Authority, the oil industry regulator for the UK, has released a report revealing its predictions for the UK oil and gas industry through until 2050.

The regulator now believes 11.9 billion barrels will be extracted by 2050, up from an estimate of 8 billion four years ago.

The new prediction is based mainly on 30 new fields coming on stream in recent years, while technical advances and lower production costs have contributed.

The new fields include some of the largest discoveries made in decades off the west coast of Scotland.

Estimates of oil and gas potential have been part of the debate about the financial situation facing Scotland should it become independent.

Oil and Gas People conducted an investigation in 2014 and found that Scotland could double its oil and gas reserves forecast within a decade. The report largely debated at the time predicted that Scotland was sitting on billions of pounds of untapped oil and gas reserves.

Head of performance, planning and reporting at the OGA, Loraine Pace, said: "The 3.9 billion barrels identified is great news with 2018 being a productive year."

"New discoveries such as Glendronach and Glengorm highlight the future potential of the basin which could be boosted further with new investment, exploration successes and resource progression."

The Oil and Gas Authority (OGA) forecast in 2015 that a further eight billion barrels could be pumped by 2050, but that has now been raised by 3.9 million barrels.

The regulator, reporting to the Treasury ahead of the chancellor's spring statement, said oil output last year was up 8.9 % last year, the highest UK oil production rate since 2011.

Gas production, however, fell by 3%. The total is expected to fall from this year onwards, but at a slower rate than previously forecast.

Capital expenditure also fell for the fourth successive year, although this trend is expected to be reversed in 2019.

2014 Article: Scottish West Coast Untapped Oil and Gas Reserves Worth Billions





Tags

Scotland, Oil, Gas, West Coast, Shetland, News, Discovery, Oil Fields, North Sea








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