A new study predicts that the UK’s oil and gas reserves may only last for another 10 years.
The report published by the University of Edinburgh reveals that only around 10% of the UK’s original recoverable reserves now remain, and their time is limited.
This is not helped by the prediction that with very few geologically viable sites, fracking will not be economically feasible in the UK.
These predictions have been built from analysis which identifies that too few new discoveries have been made in the last 20 years to replace produced reserves.
This outcome inevitably means that the UK will soon need to import all of its required oil and gas.
A further push toward greener and renewable energy production has been advised to ensure the UK does not fall foul to high import costs and a lack of energy self-sufficiency.
Roy Thompson, Professor of GeoSciences at the University of Edinburgh, stated: “The UK urgently needs a bold energy transition plan, instead of trusting dwindling fossil fuel reserves and possible fracking.”
“We must act now and drive the necessary shift to a clean economy with integration between energy systems.”
“There needs to be greater emphasis on renewables, energy storage and improved insulation and energy efficiencies.”