Vision 2035 Prospectus

Our heritage Since the first offshore gas field came onstream in 1967, the industry has produced 45 billion barrels of oil and gas equivalent (boe) and it has the potential to provide another 10–20 billion boe in the years to come. Oil and gas are still, and will continue to be, a vital part of the energy mix, providing over three quarters of the UK’s energy demand in 2016 and predicted to still provide two thirds of UK primary energy demand in 2035. Domestic production currently supplies about half of the UK’s oil and gas needs and there are sufficient resources to do so for many years to come. This will ensure we have a secure energy supply to heat our homes, fuel transport and provide feedstock to our industry. Our oil and gas heritage allows us to provide the energy we need here in the UK today, as well as positioning us to lead the energy transition. Even if we can accelerate the move to a lower-carbon future, between now and 2035 it is apparent that the UK will need more oil and gas than can be economically produced from the UKCS. This means the UK oil and gas industry is not in competition with other energy sources, rather our drive is to be competitive against other sources of oil and gas around the world.