Oil & Gas

Oil & Gas Reserves

Europe still holds vast oil & gas resources. Albeit declining, these resources still allow Europe to produce ½ of the gas and ¼ of the oil it needs every year.

Oil & gas production in Europe takes place under some of the highest environmental and safety regulations, and as a result, these operations have the lowest environmental footprint in the world.

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In 2018, Europe accounted for 15% of the world’s oil demand. Europe’s need for oil has remained relatively stable, despite huge efficiency gains in vehicle engine technology and the manufacturing sector.

However since 2013, Europe has imported more than three out of four barrels of the oil it needs.

Europe produced a total of 3.5 million barrels per day, a 30% drop from 2008’s production of 4.9 million barrels per day and a 50% decline from 1998 record production levels.

The production decline has now levelled – a direct, positive consequence of continuing
investment in a context of stable demand.

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Europe’s Gas Production Indicator in 2018 was 46%, virtually unchanged from the previous year. While European production remains resilient, the trend of a slow decline continues, down from the 51% achieved in 2008 and the 57% recorded in 1998.

In 2018, this meant Europe had to import nearly 300 billion cubic meters of gas out of the 549 it used.

In total, Europe produced 251 billion cubic meters of gas in 2018, down 22% or 70 billion cubic meters from 2008’s output. Norway remained by far Europe’s biggest gas producer.

Consumption of gas in Europe stood high, at 549 billion cubic meters in 2018. Europe accounted for about 14% of global gas consumption in 2018.

Explore Further in Resource Library
Explore Further in Resource Library