Economic Report 2021 - OGUK

2P reserves 5.2 bn

contingent 7.4 bn

mean prospective 4.1 bn

10-20bn boe left in the UKCS Resources

producing fields 2.1 bn

proposed new developments 1.7 bn

3.5 bn

Contingent Resources

marginal discoveries (new developments)

Source: OGA

Exploration Ongoing exploration for new resources will play an important role in reducing reliance on net energy imports whilst helping to underpin the transition. Through the North Sea Transition Deal, the industry will ensure all exploration and production and industry activities will meet the NSTD framework of 50 per cent emission reductions by 2030, 90 per cent by 2040 and net zero by 2050. This coupled with the application of the proposed Climate Compatibility Checkpoint (see overleaf), specifically

for exploration, provides the opportunity to demonstrate alignment with net-zero targets whilst providing the resources the UK will continue to need on its journey to a net-zero future. As previously noted, the CCC in its Balanced Net Zero Pathway estimates that the UK will consume 18.3 billion boe of oil and gas over the next three decades with around 8.5 billion boe (45 per cent) of this demand currently forecast to be met by ongoing production from the UKCS. Current reserves will only


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