Business Monitor International’s United Kingdom Oil and Gas Report provides industry professionals and strategists, corporate analysts, oil and gas associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on United Kingdom’s oil and gas industry.
The latest UK Oil & Gas Report from BMI forecasts that the country will account for 12.32% of Developed Europe regional oil demand by 2015, while contributing 25.37% to supply. In Developed Europe, overall oil consumption in 2010 was an estimated 13.02mn barrels per day (b/d). It is set to recover to around 13.18mn b/d by 2015. Developed Europe regional oil production was 6.96mn b/d in 2001, and in 2010 averaged an estimated 4.40mn b/d. It is set to fall to just 3.53mn b/d by 2015.
Between 2010 and 2020, we are forecasting a decrease in UK oil production of 53.3%, with output slipping steadily to 0.63mn b/d at the end of the 10-year forecast period. Given that oil consumption is forecast to decrease by 2.0%, imports should rise from an estimated 0.27mn b/d to 0.95mn b/d during the forecast period. Gas production should fall from the estimated 2010 level of 60bcm to 40bcm in 2020. Demand is forecast to rise from an estimated 88bcm to 105bcm, requiring imports reaching 65bcm, largely in the form of pipeline gas, with some liquefied natural gas (LNG).
The UK has a privatised energy sector operating under EU guidelines. There is a major, but mature and highly competitive, upstream oil and gas segment, featuring most key national and international companies. The downstream oil segment is also competitive and deregulated. International and domestic operators control gas distribution and supply, as well as electricity generation and distribution.
