New report claims investment could increase UK fuel production

Global renewables research consultants Wood Mackenzie expect that demand for gas and oil in Britain will continue to outstrip available supply.

The company estimates that by 2030, production from accessible fields on the UK’s continental shelf might be around 0.6-1.6 MMboe/d, with the potential demand much wider.

Research Director for North Sea Upstream, Neivan Boroujerdi, recently commented

“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.”

Boroujerdi added that present production levels could effectively be sustained for another 10 years to safeguard jobs and underpin energy security, but stated that Britain lacks gas and will be reliant on imported supply.

The recent Wood Mackenzie’s report entitled “How much more oil and gas can the North Sea produce?” outlines five ways to boosting production. These include execution, improved recovery in existing fields, new greenfield projects and exploring and developing a contingent resource.

The report states that should all resources that are economically viable be produced, it could potentially add an additional five Billion Barrels of Oil Equivalent (BBOE) worth of production, amounting to an estimated outlay of investment of around £768,149,500.

UK consumers interested in putting their savings into critical infrastructure or energy-related assets often seek out investment advice in Chester, London and other cities from wealth managers. Able to offer an unbiased and expert opinion, financial specialists can explain the risk and return involved in an investment opportunity.

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