The United Kingdom (U.K.) is the largest producer of oil and second-largest producer of natural gas in the European Union (E.U.).
After years of being a net exporter of both fuels, the U.K. became a net importer of natural gas and crude oil in 2004 and 2005, respectively.
Production from U.K. oil and natural gas fields peaked in the late 1990s and has declined steadily over the past several years, as the discovery of new reserves has not kept pace with the maturation of existing fields.
The U.K. government, aware of the country’s increasing reliance on imported fuels, has developed key energy policies to address the domestic production declines. These include: enhanced recovery from current and maturing oil and gas fields, ensuring energy security, promoting cooperation with Norway, and decarbonizing the U.K. economy by investing heavily in renewable energy.