U.K. Has Oil, Gas Reserves to Sustain Production for 20 Years

The U.K. has enough oil and gas reserves to keep pumping at the current rate for at least two more decades, according to the country’s regulator.

There are about 5.7 billion barrels of oil equivalent of petroleum reserves, the U.K. Oil & Gas Authority said in an Oct. 31 report. The existence of another 7.4 billion barrels equivalent has been proven, but producing them will “require substantial investment in new field developments,” it said. Saudi Arabia, the world’s biggest oil exporter, has about 70 years of reserves.

Companies have been producing in the U.K. North Sea for more ...