North Sea reserves almost 1.5 billion barrels of oil says industry expert

An industry expert has estimated that the North Sea still has almost 1.5 billion barrels of oil and has "a major role to play" in the UK energy market - despite a cultural change towards renewables.

The Verisk-backed analyst suggests that indigenous oil and gas totals around 1.4 billion barrels of liquids held in pre-FID projects.

Key North Sea projects currently in the pre-final investment decision (FID) phase could deliver nearly 1.5 billion barrels, though further mergers and acquisitions activity will be required to unlock all opportunities, says Wood Mackenzie.

The sizable Rosebank and Cambo fields west of Shetland contain a large portion of 'black gold' but the reserves also include the redevelopment of the Buchan field - approximately 120 miles north-east of Aberdeen.

However, given the size of many of the operators, further mergers and acquisitions will be needed to bring them to fruition.

The group’s research director for North Sea upstream, Neivan Boroujerdi, said: “By 2050, UK North Sea production will have largely ceased. But even in a net zero scenario, demand will persist with emissions being offset by carbon capture and storage (CCS) and nature-based solutions.

“Current levels of production could be maintained for the next decade, underpinning energy security and safeguarding jobs. But the UK is sorely lacking in gas and will be heavily reliant on imports in all scenarios.”

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