New report shows that 7.5 billion barrels of oil and gas could still be produced from UK waters – 3.2 billion barrels more than current government estimates.
–a potential value of £385 billion if the UK meets half its oil and gas demand from domestic sources,
Assume that there was a food, rather than an oil crisis – the logic being imposed on Brits is that they should starve, rather than take the food stored in the cupboard.
Ludicrous.
From here;
https://oeuk.org.uk/policy-versus-geology-new-report-reveals-165bn-choice-facing-north-sea-future/
summarized by Brave AI here;
‘Up to 7.5 billion barrels of oil and gas could still be produced from the UK’s North Sea, according to a new independent report by Westwood Global Energy Group on behalf of Offshore Energies UK (OEUK). This is 3.2 billion barrels more than current government estimates and represents 7.3 billion barrels within reach of existing infrastructure, making development quick and cost-effective.
This additional production could add £165 billion in economic value and allow the UK to meet half of its oil and gas needs domestically, nearly double current forecasts. The report emphasizes that most remaining recoverable resources are within 50 km of existing hubs, enabling efficient tiebacks to current platforms.
However, the UK’s official estimates from the North Sea Transition Authority (NSTA) as of end-2024 show 2.9 billion barrels of proven and probable reserves (2P), with total reserves and contingent resources (2P and 2C) at 9.2 billion barrels of oil equivalent (boe) — around 19% of the total oil and gas extracted from the UK Continental Shelf (UKCS) so far.
Despite this potential, the industry warns that without government support, including continued licensing and reform of the windfall tax, the UK risks a rapid decline in North Sea output, potentially becoming dependent on imports for 80% of its oil and gas needs within this decade.
Th ‘lame’ argument put forward is that oil produced from the North sea would be sod o on the international markets resuling ZERO REDUCTION in domestic prices.
This completely misses a key point – THERE IS NO OIL - To extend the analogy – THERE IS NO FOOD.
Physical reality v fantasy.
If the UK produces its own oil, there will be an immediate improvement in the balance of payments resulting in less need to borrow to buy oil from international markets.
Borrowing makes a country poorer – the UK already has £3 trillion of national debt costing £120-150 billion pounds a year in debt interest. It needs to find ways to cut this debt servicing cost – NOT increase it. The UK has also promised NATO it will double defence spending to 5% of GDP from 2.5% by 2035 – an extra 75 billion pounds A YEAR.
There are demands fo hundreds of billions on the economy by ‘net zero’ policies that should be abandoned immediately to relieve the pressure on he consumer and the Exchequer.
Here’s a bonus FYI – Top 10 US oil export destinations of oil by country;
The top 10 buyers of U.S. oil in 2025 are:
🇳🇱 Netherlands – 419 million barrels (10.7% share)
🇲🇽 Mexico – 398 million barrels (10.2% share)
🇨🇦 Canada – 324 million barrels (8.3% share)
🇰🇷 South Korea – 257 million barrels (6.6% share)
🇯🇵 Japan – 247 million barrels (6.3% share)
🇨🇳 China – 238 million barrels (6.1% share)
🇮🇳 India – 221 million barrels (5.7% share)
🇧🇷 Brazil – 133 million barrels (3.4% share)
🇬🇧 United Kingdom – 124 million barrels (3.2% share)
🇪🇸 Spain – 95 million barrels (2.4% share)
Lots of re-exports and re-imports included!
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