Abstract

With a history spanning over 50 years, the UK Continental Shelf (UKCS) is one of the most explored and mature basins in the world. Over 44 Bbbl of reserves have been recovered from over 450 fields across the UKCS, enabled by continuous improvement in seismic, drilling and development technologies. Starting in 1965 with BP's West Sole discovery in the Southern Gas Basin, every sector of the UKCS has since opened up. But it is not just the discoveries that have characterized this ultra-mature region. It has weathered a turbulent history of oil prices, fiscal changes, an ever-changing corporate environment and the industry's worst offshore disaster, which serves as a reminder of the uncompromising conditions of the North Sea.

Production peaked at the turn of the millennium, and it is only since 2013 that there has been a partial reversal of the declining trend. With discoveries getting scarcer and smaller, maintaining the trend will not be easy, especially with the number of companies exiting the region for more prospective global opportunities on the rise. However, with an estimated 10–20 Bbbl yet to find in the basin, there is still a lot to play for in the coming years.