Oil & Gas UK Activity Survey 2016

Figure 17: Reserves and Resource Potential by Region

1

12

2

Yet To Find Resources Potential Additional Resources

10

Possible Reserves Probable Reserves Ongoing Investments In Production 01.01.2016

3

8

6

4

4

5

Reserves/Resources (Billion boe)

2

0

6

W of S

NNS

CNS

SNS, Irish Sea, West of Scotland

Source: Oil & Gas UK, OGA

Technical Reserves Wood Mackenzie estimates that there are around four billion boe of discovered technical reserves 10 , most of which are additional to the volumes reported in this survey that companies do not consider viable investment opportunities in current market conditions. However, it is important that companies continue to work these opportunities by applying new technologies and securing greater efficiencies so that ultimately they may become commercial in times of higher oil price. The OGA’s MER UK Boards are also turning their attention to those 370 discoveries reported as technical reserves, over 80 per cent of which are found in small pools with volumes of less than 20 million boe.

10 Technical reserves are discovered volumes that are not yet considered to be commercial.

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