It is reported this morning that one of Liz Truss’s first acts as prime minister, assuming she wins the Conservative party leadership election, will be to grant new licences for North Sea oil and gas extraction. But will it be enough – and quick enough – to alleviate the energy crisis?
There are still substantial known oil and gas reserves in the North Sea left to be exploited. According to a report produced by the Oil and Gas Authority last September, known reserves of oil and gas in the North Sea at the end of 2020 amounted to 4.4 billion barrels of oil equivalent (BOE). This is just a tenth of the 45.9 billion BOE which have already been extracted.
However, that ignores that exploration for oil is an ongoing business. According to the Oil and Gas Authority’s Vision 2035 (published 2017), and taking into account future exploration, 14.9 billion BOE could potentially be extracted between now and 2035.
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