Annual updated estimates from the DECC show UK oil and gas reserves and resources are in the range of 11.1-21 billion barrels of oil equivalent (boe).
The Department for Energy and Climate Change (DECC) state that the figures show there is a still a ‘lot of potential remaining in domestic energy reserves’.
They also further underline the importance of greater collaboration and efficiency in the industry as described in Sir Ian Wood’s recommendations. His report estimated that full and rapid implementation would deliver at least 3-4 billion boe more than would otherwise be recovered over the next 20 years, bringing over £200 billion additional value to the UK economy.
The DECC states it is for that reason that the government has fast tracked the recommendations of the Wood Review to maximise the potential of the North Sea and make sure the whole of the UK benefits.
The government asserts that it recognises the importance of the oil and gas sector and is committed to working with industry to create the right conditions to maximise opportunity and investment to the benefit of the whole UK economy. The published estimates do not include any estimates for the controversial shale gas or shale oil reserves as exploration for shale gas is still at a very early stage in the UK.
Full details of the figures are available on are given on given on GOV.UK](https://www.gov.uk/oil-and-gas-uk-field-data#uk-oil-and-gas-reserves-and-resources)
There are still plenty of reserves for oil and gas to keep the UK going for the next 30 years.