Oil reserves were valued at £177.9 billion at the end of 2007. This is an increase of 47.1 per cent since 2006, when the value of reserves stood at £120.9 billion. The increase mainly reflects the higher crude oil prices in 2007 and the first half of 2008 rather than increased stocks of reserves.
In 2007, gas reserves were estimated to be worth £68.3 billion, down from £69.4 billion in 2006, a fall of 1.6 per cent. The nominal value of gas reserves has increased almost threefold since 1998 when it stood at £25.4 billion. Source: Office for National Statistics
Notes: The value of the UK's recoverable oil and gas reserves mainly depend upon the estimated physical amounts remaining (the total of proven, probable and lower estimates of undiscovered resources), the rate of extraction and the assumed future price per unit of oil or gas, net of the assumed cost of extraction.
Those reserves known with the highest degree of certainty are described as 'proven'. 'Probable' reserves are known reserves which are not yet proven but which are estimated to have a greater than 50 per cent chance of being technically and commercially producible. 'Possible' reserves have a significant but less than 50 per cent chance of being producible.
Expressing UK oil and gas reserves in monetary terms allows these subsoil assets to be compared with other economic entities. This provides a means for the commercial depletion of subsoil assets to be set against national income.
The Environmental Accounts provide statistics on the environmental impact of UK economic activity and the use of the environment by the economy.
printer-friendly
Environmental Accounts