Reserves and Resources Report as at end 2023

The latest Reserves and Resources report published today (22 October) shows that the NSTA’s estimate for proven and probable UK oil and gas reserves at the end of 2023 is 3.3 billion boe. 

This is 0.2 billion lower than at the end of 2022 which is due to production of around 424 mmboe in 2023 not being fully offset by additions following Field Development Plan approvals or additional reserves for producing fields. 

Official government forecasts suggest that oil and gas will remain a part of the UK’s energy mix as we transition to net zero. Managing the declining production to meet energy demands while they still exist; reduce reliance on imports; gain economic benefits; and secure an orderly transition is still vital.  

Contingent resource – discovered undeveloped resources – stands at 6.1 billion boe, with much of this resource in mature developed areas and under consideration for development. 

In aggregate, UKCS petroleum reserves and discovered resources both remain at approximately 70% oil and 30% gas, when expressed in oil equivalent terms. 

The full report can be accessed here.