New North Sea oil projects could deliver nearly 1.5bn barrels, says WoodMac

New North Sea oil projects could deliver nearly 1.5bn barrels, says WoodMac

Key North Sea oil projects currently in the pre-final investment decision (FID) phase could deliver nearly 1.5 billion barrels, though further M&A activity will be required to unlock all opportunities, says Wood Mackenzie.

In a new report titled ‘How much more oil and gas can the UK North Sea produce?’, the Verisk-backed analysts suggest that indigenous oil and gas still has “a major role to play” in the UK’s energy mix, pointing to more than 1.4 billion barrels of liquids held in pre-FID projects.

The pack is led by the sizable – and controversial – Rosebank and Cambo fields west of Shetland, but also includes the redevelopment of the Buchan field by Jersey Oil & Gas, Orcadian’s Pilot and Siccar Point’s Blackrock, among others.