North Sea Oil & Gas: Unlocking Potential

Oil and gas production and demand outlook to 2050

250

UK imports gap Oil & Gas demand

Oil & Gas Production Forecast - NSTA Oil & Gas Production Forecast - No New Investment BEIS Energy Reference Scenario - Oil & Gas Demand CCC Balanced Pathway - Oil & Gas Demand

200

150

100

tonnes of oil equivalent)

50

0 2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 Oil & gas production and demand outlook (million

Sources: NSTA, DESNZ, CCC, OEUK

Further policy action is required to drive a faster oil and gas consumption decline

A faster decline rate, aligned with net zero, would still require oil and gas imports into the UK

The rate of investment and consumption will determine the scale of the import gap

New investment is required to manage the decline in UK

oil and gas production

NORTH SEA OIL & GAS Unlocking potent ial

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