European Oil and Natural Gas
Reserves and Resources
European Oil & Gas production can be sustained and even increased with a favorable regulatory framework.
By complementing much needed energy savings and renewable energy deployment, these reserves can be used within the framework of the EU’s climate neutrality objective, helping achieve it on the way.
2240 bcm
of Natural Gas
Reserves in the EU + Norway, UK, Ukraine
45%
of EU Gas demand is met by domestic (EU + Norway, UK) production and imports
15-30 years
of production at current levels possible with known reserves
9.7 billion barrels of oil
Reserves in the EU + Norway, UK, Ukraine
By complementing much-needed energy savings and renewable energy deployment, European reserves can be used within the framework of the EU’s climate neutrality objective, helping achieve it on the way.
Reserves are commercially recoverable volumes
Resources refer to all in-place volumes identified by geological assessment
Oil & Natural Gas produced domestically brings clear benefits:
Thanks to the highest environmental standards in the world and reduced transportation distance, EU domestic production has a 30% lower footprint than their imported alternatives.
Domestic supplies provide the EU with the greatest level of energy security possible, since they come from a reliable and predictable source.
Domestic production creates employment and economic activity in Europe.
Policy Recommendations
The EU should maximize the production of European gas reserves to reinforce its strategic energy autonomy while reducing its carbon footprint.
Accelerate and upscale existing projects that can deliver the quantities needed within the timescale, including by boosting the development of Black Sea and Eastern Mediterranean fields
Encourage exploration activities to discover additional resources which may come online in 5-10 years, helping achieve energy independence and reduce the EU’s import bill.
