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UK Oil Industries 'Entering Final 10yrs' Of Production
Thursday 28th September 2017
A new report from the University of Edinburgh has revealed that the oil industries in Scotland and the rest of the UK are now entering their final ten years of production - which could mean that the UK will soon have to import all the oil and gas it requires.
The study looked into output from offshore fields and estimated that almost ten per cent of the country's original recoverable oil and gas remains - around 11 per cent of oil and nine per cent of gas. And while some may look to fracking as the answer, the research also found that this won't be economically feasible in the UK because of a dearth of places with suitable geology.
Analysis of reserves of hydrocarbon indicate that discoveries have fallen behind output consistently since the late 90s, when oil recovery was at its peak.
The School of GeoSciences' professor Roy Thompson commented: "The UK urgently needs a bold energy transition plan, instead of trusting to dwindling fossil fuel reserves and possible fracking. We must act now and drive the necessary shift to a clean economy with integration between energy systems. There needs to be greater emphasis on renewables, energy storage and improved insulation and energy efficiencies."
It looks like we're still going to be on the hunt for new oil reserves for the time being, however. UK Oil and Gas has just been granted a year-long extension to continue drilling for oil deposits at Woodbarn Farm in West Sussex. There is evidence of such deposits at Broadford Bridge - and its licence was due to come to an end on September 16th.
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