October 18, 2016, 9:45 amUpdated: October 18, 2016, 9:48 am
More than three billion barrels of oil equivalent located in 350 unsanctioned discoveries remain in the UKCS, according to new data released by the Oil and Gas Authority (OGA).
“Of the three billion, the majority are ‘small pools’, defined as less than 50 million boe technically recoverable, and are located within potential tieback and/or extended reach drilling distance to existing infrastructure.
However, a number of these small pools lie further away from existing infrastructure and therefore could require stand-alone type solutions to recover hydrocarbons,” the data said.
The release comes two years after the oil price plunged, forcing dozens of North Sea firms to axe thousands of jobs.