The production of natural gas in the UK has shown a fluctuating trend over the past decade, peaking in 2017 before initiating a downward trend. As of 2023, production stood at 1.1938 million terajoules. From 2013 to 2023, the year-on-year variations have been erratic, with significant decreases in recent years, except for minor increases. The compound annual growth rate (CAGR) for the last five years shows an average annual decline of 4.01%, highlighting a consistent reduction in production.
Between 2024 and 2028, the forecasted data anticipates a continued decline at a CAGR of -4.15%, resulting in a total drop of 19.11% over this period. This trend suggests a persistent reduction in natural gas production volumes.
Future trends to watch for include advancements in renewable energy technologies, governmental policies on energy production, and global shifts in energy demand that may further impact the natural gas industry in the UK. The overall direction will likely be influenced by both economic and environmental factors.