North Sea Oil
(asked on 3rd November 2014) - View Source
Question
To ask Her Majesty’s Government what assessment they have made of the effect of changing oil prices on reserves from North Sea oil.
This question was answered on 20th November 2014
Each year the Department of Energy and Climate change publishes estimates of UK oil reserves based on assessments of the amount of oil that is technically and commercially recoverable. The judgement on commerciality rests with the operators of each field/discovery, not the Department. It will depend, among other things, on oil prices when they make that assessment. The latest estimates can be found on the attached.