Activity Survey 2015

ACTIVITY SURVEY 2015

Comparison by Region Whilst projections of recoverable reserves should be treated with an even greater inherent level of uncertainty at a time of high price volatility, Figure 9 gives an estimate of the potential of each geographic region of the UKCS. The CNS is the area with the largest reserve base in current company plans at almost four billion boe, over 2.5 billion boe of which are already sanctioned. Significant exploration potential is considered to remain in the CNS, particularly in the very technically challenging HPHT plays. The relatively immature W of S area is also a region considered to have great potential, but over 95 per cent of resources here are yet to come onstream and exploration plays are still largely untested. The SNS and Irish Sea (IS), the most mature areas of the UKCS, still have the potential to deliver a further three billion boe over time, and that number could increase if unproven exploration plays become commercially viable in the future.

Figure 9: Reserves and Resources Growth by Region

12

Yet To Find Resources Potential Additional Resources

10

Possible Reserves Probable Reserves Ongoing Investments In Production 01.01.2015

8

6

4

Reserves/Resources (Billion boe)

2

0

W of S

NNS

CNS

SNS, IS, West of Scotland

Source: Oil & Gas UK, DECC

Changes in the Reserves Base Figure 10 shows how the reserves base in company plans consistently grew between 2009 and 2012, before falling in each of the last three years as a lack of exploration activity has curtailed the rate of new volumes being discovered, leading to a fall in the overall reserves portfolio. The change in sanctioned reserves reported in the survey has followed a similar pattern as reserve maturation through to sanction has also slowed down after some big fields were approved at the start of the decade, many of which were incentivised by targeted field allowances.

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