The UK has proven oil reserves of about 3,000 million barrels of oil. To put this number into context, the UK “owns” about 0.2% of world reserves
It is useful to know today’s value of the UK oils reserves.
3,000 x 1,000,000 = 3,000,000,000 barrels of oil
The price of Crude Oil is $48.55 a barrel.
Thus:-
3,000,000,000 x $48.55 = $145,650,000,000
That is £93,179,000,000
Or to simply say £93 Billion is the value of the oil in the ground in the UK