United Kingdom Natural Gas Reserves, Production and Consumption Statistics (2024)

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United Kingdom Natural Gas Reserves, Production and Consumption Statistics? ›

Natural gas consumption in the United Kingdom amounted to 72 billion cubic meters in 2022, down from some nearly 79 billion cubic meters in the prior year. Between 2003 and 2021, figures decreased by roughly 23 billion cubic meters, peaking at 102 billion cubic meters in 2004.

Natural gas consumption in the United Kingdom amounted to 72 billion cubic meters in 2022, down from some nearly 79 billion cubic meters in the prior year. Between 2003 and 2021, figures decreased by roughly 23 billion cubic meters, peaking at 102 billion cubic meters in 2004.

The report finds: The UK's petroleum reserves remain at a significant level. The NSTA's estimate for proven and probable (2P) UKCS reserves as at end 2021 is 4.0 billion boe, 0.4bn boe lower than as at end 2020.

The UK is the world's 55th-largest producer of natural gas and the country's output decreased by 8% in 2023, over 2022. The country accounts for 0.8% of global production, with the world's other largest producers being the US, Russia and Iran.

Russia has the largest proved natural gas reserves in the world.

Gas Reserves in the United Kingdom

The United Kingdom has proven reserves equivalent to 2.6 times its annual consumption. This means it has about 3 years of gas left (at current consumption levels and excluding unproven reserves).

You may be surprised to learn that the UK currently sources around 50% of its natural gas from its own territory, with the North Sea accounting for an estimated 50%. The remaining 50% of UK gas supplies are imported from various different countries around the world, including Norway, the United States and Russia.

This is because it is extracted by private companies, who sell it on the open international market, rather than necessarily to the UK. For this reason - and because some oil can't be refined in the UK - around 80% of the oil produced in the North Sea is actually exported.

But despite being the second largest oil and gas producer in Europe after Norway, the UK has been no less vulnerable to the ongoing energy price shock, because both are sold on the open market to the highest bidder.

The UK's gas sources: explained

The UK uses a tremendous amount of gas, most of which we import. Companies on these shores have produced gas for decades, but they don't churn out enough to meet demand – and they export 46% of their supply to other countries.

Who is the largest producer of natural gas in the world? ›

The US is by far the largest producer of natural gas in the world, representing nearly a quarter of global natural gas production.

The United States remains by far the biggest consumer, accounting for nearly a quarter of global consumption.

Move over, Saudi Arabia and Russia. America now has more untapped oil than any other country on the planet.

Conclusion: how long will fossil fuels last? It is predicted that we will run out of fossil fuels in this century. Oil can last up to 50 years, natural gas up to 53 years, and coal up to 114 years. Yet, renewable energy is not popular enough, so emptying our reserves can speed up.

In 2022, LNG imports to the UK reached a record high of 25.6 bcm, rising 74 per cent on the previous year. LNG imports accounted for 45 per cent of natural gas imports across the year, and 35 per cent of demand.

The UK gets most of its gas from Norway, the North Sea, and the US, in that order. The North Sea's supply is running low though, like many reserves – and as some countries run dry or move away from producing gas for environmental reasons, this will result in higher prices for everyone else.

As a result, fossil fuels made up just 33% of UK electricity supplies in 2023 – their lowest ever share – of which gas was 31%, coal just over 1% and oil just below 1%. Low-carbon sources made up 56% of the total, of which renewables were 43% and nuclear 13%.