UK Oil Industry Needs Investment and Political Support to Halt Output Decline

The UK could be producing 30% more oil from the North Sea in 2030 than previously expected if investments worth some $25 billion 20 billion pounds are deployed for that purpose. This is according to Offshore Energies UK, formerly Oil and Gas UK, the industry group that earlier today published its Economy & People Report 2024. In the report, the authority also said that with the right political support investment in what it calls offshore energy could rise to over $25 billion from $16.

2 million barrels of oil equivalent but this will fall steeply to just 700,000 barrels daily by 2030, according to forecasts by the North Sea Transition Authority—the industry regulator, as cited by Bloomberg. According to Offshore Energies UK, the decline could be softened to 900,000 bpd if investments keep flowing into the industry, a 30% increase on current estimates. Yet for that to happen, oil and gas operators in the North Sea need a hand from the government.

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