The UK represent a solid element of Andalas’s portfolio, delivering secure supplies.
- The oil and gas sector provides more than 75 per cent of the UK’s total primary energy.
- The UK Continental Shelf (UKCS) contribute more than half of the UK’s oil and gas demand
- UK production peaked in 1999, steadied at 1.42 million barrels of oil and gas in 2014, and increased by almost 16 per cent over the next two years to 1.73 million barrels.
- The oil and gas sector will still provide two-thirds of total primary by 2035 according to the Department for Business, Energy & Industrial Strategy. Therefore it needs to remain vital component of an energy policy that considers affordability, security of supply and environmental sustainability.
- It estimated that there could be up to 20 billion barrels of oil and gas still to recover from the UK’s offshore areas.
Andalas is pursuing opportunities in the UKCS that have significant upside potential and near-term value catalysts.
Andalas’s due diligence over the past 12 months has resulted in interests in two off-shore opportunities: Badger (hyperlink to North Sea below) and Colter (hyperlink to Wessex Basin).