The UK’s remaining proven and probable oil and gas reserves were estimated at 2.9 billion barrels of oil equivalent (boe) at the end of 2024, according to the latest Reserves and Resources Report published by the North Sea Transition Authority (NSTA).

“Contingent resources — petroleum estimated to be recoverable from known deposits, but not ready for commercial development — stand at 6.2 billion boe,” said the NSTA.

“And prospective resources — undiscovered potentially recoverable resources in mapped leads and prospects that have not yet been drilled, plus undiscovered potentially recoverable resources estimated to reside in plays with few or no mapped features — are estimated at 4.6 billion boe.

“Prospective resources are up by 31% from the end of 2023.

“This is due to the inclusion of the additional prospective resources from the 33rd Licensing Round.

“A total of 47.7 billion boe of oil and gas had been produced from the UKCS by the end of 2024.”