UNITED KINGDOM

(in North West Europe)

CAPITAL: LONDON

POPULATION: 61 mm

AREA (on): 244,800 km2

OIL PEAK: 1999

SUPPLY

Nearly all of the UKs oil and gas comes from the North Sea. The Southern North Sea is a gas province while the Central and Northern North Sea contain oil and associated gas fields. Production of oil peaked in 1999 and will decline year on year, barring brief reversals as new fields are put into production. To a certain extent decline rates will be reduced in the short term by the application of marginal and satellite field technologies and by government initiatives to promote exploration.

Gas production peaked in 2000 and here too there is little chance of reversing long term steady decline except for short periods.

Other regions to the west of Britain are also mature although some new deeper water gas potential may be realised in the extreme northwest over the longer term.

 

DEMAND

Oil consumption in the UK has fallen substantially since 2005 due to higher prices and the recession. It will probably remain flat for the next decade, kept lower by strategies to improve liquid fuel economy in the transport industry and by the recession, which has reduced the use of automobiles. However oil exports have also declined due to reduced production. The UK became a net oil importer in 2006 and 2007 and will do so again, this time permanently, in 2009.

Gas consumption was increasing up to 2004 as a result of an expanding economy and fuel substitution for economic and environmental reasons but has since declined, along with North Sea output. Growth is expected to be re-established in 2010 as improved import facilties are built (pipes and LNG) and as world gas prices have fallen following the 2008/2009 recession. The country returned to becoming a net gas importer in 2004.

 

 
 

 

 

This is a simple forecast - detailed forecasts including offshore and onshore, deep water splits, sedimentary basins and major fields and drilling etc. can be purchased for most countries.

 

An onshore and offshore oil and gas production, consumption and drilling activity forecast report on this country can be commissioned,

including all relevant charts. Contact us for price and contents list.

 

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