The Oil and Gas Authority (OGA) said on Thursday the UK’s petroleum reserves “remain at a significant level which could sustain production for at least the next 20 years” and beyond if additional undeveloped resources can be matured.

The OGA’s ‘UK Oil and Gas: Reserves and Resources’ report, shows that overall remaining recoverable reserves and resources range from 10 billion to 20 billion barrels plus of oil equivalent.

Nick Terrell, chair of the MER UK Exploration Task Force and Managing Director of Azinor Catalyst commented: “The work undertaken by the OGA, which has been independently verified, seeks to further quantify the huge remaining exploration potential of our UK offshore basins.

“The results illustrate the full spectrum of exploration opportunities, from infrastructure led exploration to high impact deep-water frontier opportunities.

“I commend the Oil and Gas Authority for undertaking this work in conjunction with the industry led Exploration Task Force and look forward to further results being published in the future.”

Gunther Newcombe, Operations Director at the OGA added: “OGA’s current estimate of remaining recoverable hydrocarbon reserves and resources from UKCS’s producing fields, undeveloped discoveries and mapped leads and prospects is in the range 10 to 20 billion boe plus.

“Extended field life, due to lower operating costs and higher oil price, additional producing field incremental projects, actively worked undeveloped discoveries, and a robust prospect & lead inventory, supplemented by a significant upside potential derived from statistical play fairway analysis, are all key factors in making the UKCS a world class petroleum province.

“The OGA has an important role in helping to steward this resource base, revitalise exploration and maximise economic recovery, working closely with industry and government. Future success of the basin requires attracting additional investment and drilling, implementing technology, and company collaboration on new and existing developments.”