René Muschter
Research Expert covering Industry & Mobility
Oil industry in the UK - statistics & facts
The United Kingdom is among only a handful of countries in Europe extracting and producing crude oil. The majority of proved oil reserves in the UK are held offshore within the United Kingdom Continental Shelf. Following the beginning of offshore oil extraction in the North Sea in 1975 and with rapidly increasing production figures, it is not surprising that known oil basins have been slowly depleted. Between 1980 and 2023, proved reserves fell by more than 80 percent. This was not just the result of less exploration activity, but also a push by the government to find and support alternative fuels in an effort to reduce the country’s carbon footprint. This culminated in the Labour government calling for a stop on new oil licensing in 2024, which was supported by more than 70 percent of businesses surveyed.
