Business Outlook 2019
BUSINESS OUTLOOK 2019
Maximising economic recovery from the UK’s indigenous oil and gas resources can be achieved alongside the reduction in carbon emissions, with production from the UKCS remaining a critical component of the country’s energy mix for at least the medium term. In 2018, oil and gas accounted for 75 per cent of the UK's primary energy demand and the UK Government forecasts that it will still be required to meet around two-thirds of primary energy needs in 2035. 4 UKCS output currently meets 59 per cent of the country's primary oil and gas demand (see section 4.1), and even in the most ambitious scenarios UK production will not meet future demand levels. From an energy security and economic perspective, it is crucial that indigenous sources continue to meet as much domestic demand as possible.
Figure 6: UK Oil and Gas Production and Demand Outlook
UK Oil & Gas Demand Foreacst UKCS Production Vision 2035 Production
Oil & Gas Production and Demand (Million Tonnes of Oil Equivalent)
Source, BEIS, OGA, Oil & Gas UK
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