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 8 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.
BBC 11th March 2019 read more »