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Union Jack Oil

UK oil and gas production forecast raised

Forecasts of how much oil and gas could be produced by the UK offshore industry have been revised upwards.

The industry regulator now believes 11.9 billion barrels will be extracted by 2050, up from an estimate of eight billion four years ago.

So far, 43 billion barrels of oil or its gas equivalent have been extracted from UK waters. The new prediction is driven by lower production costs, technical advances and 30 new fields coming on stream.

 

Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector listed on the London Stock Exchange AIM market.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.