The latest Reserves and Resources report published today (17 October) estimates proven and provable UK oil and gas reserves at 2.9billion boe at the end of 2024.
Contingent resources - petroleum estimated to be recoverable from known deposits, but not ready for commercial development – stand at 6.2 billion boe.
And prospective resources – undiscovered potentially recoverable resources in mapped leads and prospects that have not yet been drilled, plus undiscovered potentially recoverable resources estimated to reside in plays with few or no mapped features - are estimated at 4.6 billion boe.
Prospective resources are up by 31% from the end of 2023. This is due to the inclusion of the additional prospective resources from the 33rd Licensing Round.
A total of 47.7 billion boe of oil and gas had been produced from the UKCS by the end of 2024.
To see the full Reserves and Reserves report, click here.
NB this report is different from the NSTA projections which are not modelled but based on informed judgement, where that judgement is guided by the most recent survey data available.