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UK gas production could increase 75% by 2030 without new investment – Rise thanks to that?


NOT A LOT OF PEOPLE KNOW THAT

JANUARY 31, 2022

By Paul Homewood

From oil prices.Com:

The UK could become much more vulnerable to price shocks and geopolitical events unless new offshore fields are approved and developed — and UK gas production could plummet 75% by 2030, offshore energy industry body OGUK speak on Thursday.

The industry association notes that without new investment in new gas fields in the North Sea, the UK will be more vulnerable to a crisis, such as the current one between Russia and Ukraine. .

Other price shocks will add to the ongoing energy crisis in the UK, where gas and electricity suppliers will go bust, while customers face a cost-of-living crisis as facilities Energy market regulator Ofgem raised the energy bill price ceiling from April 1. The worst is yet to come to consumers in April, when millions of households will fall into energy poverty, with many having to choose between eating and heating.

Domestic production now meets 47% of the UK’s gas needs, 31% comes from pipeline imports from Europe, mainly from Norway, and 21% from LNG imports. In 2020, Russia supplies 3.4% of the UK’s gas, OGUK said.

According to the industry body, new mines are needed in the UK’s North Sea to prevent a predicted 75% drop in domestic supply if no new mines are approved. Many fields are still being exploited, according to geological surveys. Such fields are estimated to hold 10 to 20 billion barrels of oil and gas equivalent – enough to sustain production for 10-20 years, OGUK said.

“In the longer term, if UK gas production is allowed to fall as predicted, our energy supply will become ever more vulnerable to the global events we face.” out of control – as we see it happening with Russia’s threatened invasion of Ukraine,” said OGUK Energy Policy Director Will Webster on Thursday.

https://oilprice.com/Energy/Natural-Gas/UK-Gas-Production-Could-Plunge-75-By-2030.html



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