The UK’s remaining proven and probable oil and gas reserves were estimated at 2.9 billion barrels of oil equivalent (boe) at the end of 2024, according to the latest Reserves and Resources Report published by the North Sea Transition Authority (NSTA).
While total reserves declined slightly year-on-year, the report highlights a significant 31% increase in prospective resources, now estimated at 4.6 billion boe, largely due to new opportunities identified under the 33rd Offshore Licensing Round. The UK also holds an estimated 6.2 billion boe in contingent resources, representing discovered but undeveloped petroleum that could be matured through new investment and field development activity.
To date, a total of 47.7 billion boe has been produced from the UK Continental Shelf (UKCS). In 2024, production totaled 401 million boe, with two new field development plans adding less than 50 million boe to reserves. The NSTA noted that limited exploration drilling last year—only four wells, with less than 100 million boe discovered—underscores the need for continued investment to progress drill-ready prospects and sustain the UK’s offshore production base.
The report also reaffirms that the UK’s petroleum mix remains roughly 70% oil and 30% gas. The NSTA said managing remaining reserves efficiently will be critical to maintaining energy security and ensuring value recovery from the mature North Sea basin as the country transitions toward net zero.
Image: Offshore Energies UK (OEUK)
