RE: DT20 Sep 2025 09:19
Cont
If accurate, Wood Mackenzie’s data suggests UK oil and gas reserves could cover the country’s entire fossil fuel demand during the planned transition to net zero by 2050.
In its AI-powered analysis, the company looked at “recovery rates” – meaning the proportion of oil and gas in a field that can actually be extracted.
Data from North Sea fields were compared with 35,000 others around the world and it concluded that an additional 9pc to 18pc could be recovered.
“These scenarios would potentially add seven and 14 billion barrels of additional production, respectively, over the lives of the 100 largest fields.”
A government spokesman said: “While oil and gas will continue to play an important role, independent data shows production has steadily declined for 20 years… We are delivering a fair and orderly transition in the North Sea to drive growth and secure skilled jobs.”