It is the latest long-term deal between the UK and Norway, which has been one of Britain’s largest sources of imported gas for the last 50 years...
The UK's untapped gas reserves are estimated to be in the range of 10-20 billion barrels of oil equivalent (boe), according to IBISWorld. This would be enough to sustain production for 20 years or more. The North Sea Transition Authority (NSTA) also reports significant contingent resources, with a central estimate of 6.4 billion boe of discovered undeveloped resources.
Estimates Vary:
The UK's gas reserves are not precisely defined, but reports estimate a range of 10-20 billion boe in recoverable resources.
Untapped Potential:
This untapped potential is considered significant and could provide a substantial supply of gas for the UK's energy needs for a considerable period.
Contingent Resources:
The NSTA's estimate of 6.4 billion boe of contingent resources highlights the availability of discovered but undeveloped reserves.
Importance of Exploration and Investment:
The OGA notes that collaboration between exploration companies and significant investment are crucial to realize this untapped potential.
Oil and Gas Mix:
Official forecasts suggest that oil and gas will remain part of the UK's energy mix as it transitions to net zero, highlighting the importance of managing these reserves.
Rosebank and Jackdaw:
Notable examples of untapped oil and gas fields in the UK include Rosebank (the largest untapped field) and Jackdaw.
