AROUND a billion extra barrels oil could be produced from the UK North Sea if companies get better at extracting crude from beneath the seabed, experts have claimed.

A study by the Oil and Gas Authority found that only 43 per cent of the oil contained in developed fields off the UK is expected to be recovered before they all cease production. This will mean over half of the oil that has been discovered is left within reservoirs.

The regulator is concerned the recovery factor has remained fairly constant in spite of there being significant advances in technology in recent years.

While field developments have been getting more complex, the OGA reckons small increases in recovery rates could make a major difference to the amount of oil produced.

It said improved asset stewardship could help ensure an additional 900 million barrels oil is squeezed out of 26 large fields it has identified, without naming them. It suggested recovery rates could be increased by an average of around five percentage points on these.

This might involve firms drilling more wells or injecting more water into reservoirs.

Chief executive Andy Samuel said the analysis further underlined the significant prize remaining across the UK North Sea. The OGA will share the results with firms that operate fields.

Dave Lynch, BP’s vice president reservoir development, said: “The recovery factor benchmarking analysis produced by the OGA will be of huge value to highlight and develop the potential in existing, producing fields. We will be using this benchmarking work within BP to maximise economic recovery from our assets.”