Exploration Insight 2022 - OEUK

Figure 14: Total resources added per annum Source: OEUK

Cumulative d iscovered r esources a dded (mn boe)

Average d iscovered r esources per e xploration w ell 2011-2020

Exploration w ells d rilled per a nnum

By 2022 By 2026 By 2031 By 2036 By 2041

5

4.3 4.3 4.3 4.3

22 43 60 65

109 217 300 326

217 435 600 652

326 652

435 870

10

10 year average - 13. 6

900 1,200 978 1,304

15

oil and gas consumption. In a successful case, these wells could be drilled to support declining production at nearby operated hubs, both increasing the longevity of the infrastructure and reducing the costs for exploration of new prospects. Over the past 10 years, the average resources added per exploration well has been 4.3mn boe. The accompanying table ( Figure 14 ) highlights the impact that varying annual drilling rates would have Figure 15: Total resources left: oil – gas split Source: Westwood, OEUK

on the UKCS’s total resources, based on the average discoveries per exploration well over the past 10 years. If exploration were to occur at the same rate as it did in 2011-2020 then an additional 1.2bn boe could be added between 2022 and 2041. This would meet just over 15 months of UK oil and gas requirements. This serves to further illustrate the need to re-invigorate a fundamental step change in the level of UK exploration activity.

14,000

12,000

2,000 Total e stimated r esources r emaining (m n boe) 4,000 6,000 8,000 10,000

Gas r esources Liquids r esources

0

>45 km Source: Westwood, OEUK

<30 km

30 - 45 km Distance to n earest e xisting i nfrastructure

EXPLORATION INSIGHT 2022

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