Potential for UK to beat oil output forecast by 30%

Better output: Sunak (centre) with Energy Secretary Claire Coutinho and Centrica CEO Chris O’Shea on the Rough 47/3B Bravo gas platform in the North Sea. Offshore Energies UK says improved recovery is possible but only if investment can be secured. — AP

LONDON: The United Kingdom could be pumping almost 30% more oil and gas than currently projected at the end of the decade if about £20bil of new investment can be secured, according to an industry group.

“Improved recovery rates and slower decline are both achievable but only if investment can be secured,” said Offshore Energies UK (OEUK).