EDINBURGH, Scotland, Feb. 23 (UPI) -- Even with a push in the United Kingdom to advance renewable energy, North Sea reserves will play a big role in the regional energy mix, Royal Dutch Shell said.
Scotland touts itself as one of the world leaders in developing offshore wind energy as part of the drive toward a green economy. Simon Henry, chief financial officer at Royal Dutch Shell, told Scottish delegates that despite the focus on wind, there is a "competitive oil and gas sector" in the North Sea that can help drive the economy for "many years to come."
"Put simply, the world will need more oil and gas, thanks to rising demand and declining production rates in developed fields," he said.
Shell, he said, predicts its industry needs about 40 million barrels of new oil by 2020 to keep up with growing demand. A sizable portion of that could come for oil and gas deposits still locked in the North Sea.
That means that despite concerns over the future of conventional energy, the United Kingdom could still be resilient by the end of the decade.
"(A)t the end of this decade, the U.K.'s domestic sources could still supply nearly two-thirds of its oil," he said.
