Scotland can eff off now, billions worth of oil found under southern england Watch

HucktheForde
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Britain may have just discovered an oil resource rivalling that of the North Sea, underneath the leafy shires of southern England. Independent exploration company U.K. Oil and Gas Investments Plc (UKOG) said Thursday it had discovered a "world class potential resource" after drilling at its site at Horse Hill in the Weald Basin, just north of London's second airport, Gatwick. If confirmed, the news could transform the energy balance of one of Europe's largest economies. The North Sea has produced about 45 billion barrels in 40 years.


Britain discovered 100 billion barrel of oil reserves
"Based on what we've found here, we're looking at between 50 and 100 billion barrels of oil in place in the ground," UKOG CEO Stephen Sanderson told the BBC. A lot more drilling and well testing will be needed before that can be confirmed though. However, it had been widely assumed that only insignificant amounts could be recovered without using the controversial technique of hydraulic fracturing, or fracking. Resistance to fracking in the U.K. is high, but that did not stop an ecstatic market from sending shares of UKOG up over 200% in London Stock Exchange.


Biggest onshore oil find in the UK for the past 30 years

"To recover all the oil, fracking must be utilized like that in the United States," UKOG admits. "We think we've found a very significant discovery here, probably the largest [onshore in the UK] in the last 30 years, and we think it has national significance," CEO Sanderson said. "We believe we can recover between 5% and 15% of the oil in the ground by conventional method, which by 2030 could mean that we produce 10% to 30% of the UK's oil demand from here."



At the current oil price of around US$58 a barrel (Brent), the amount of oil UK Oil & Gas Investments claims is lying under the West Sussex countryside would be worth just under US$500bn, or £336bn. This is a boon for Britain as Scotland's North Sea oil industry continues to battle dwindling oil production. In 2014, the Organisation of the Petroleum Exporting Countries laid out how the North Sea oil industry was in dire straits. The average oil output in 2013 from the North Sea clocked its lowest level since 1977.


Greenpeace protests, saying the oil should be left inside the ground

But greenpeace activists are already protesting. Dr Doug Parr, Greenpeace UK's chief scientist, said: "Dotting the English countryside with drilling rigs and pipelines to squeeze the last drop of oil out of Britain doesn't make any sense. To gleefully rub your hands at a new fossil fuel discovery you need to turn the clock back to the 19th century and ignore everything we have learned about climate change since. We already have more than enough coal, oil, and gas reserves to fry the planet."


http://fortune.com/2015/04/09/has-br...thern-england/
http://www.bbc.com/news/business-32229203
http://www.thejournal.ie/uk-oil-strike-2037339-Apr2015/
http://www.telegraph.co.uk/finance/n...st-Sussex.html
http://uk.businessinsider.com/uk-oil...#ixzz3WoDYi3Bl
http://www.theguardian.com/business/...barrels-of-oil
https://uk.finance.yahoo.com/news/oi...065757445.html
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Maradiah
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That'll show the Scots :hand:
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HucktheForde
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the next referendum will be "should we kick scotland out of the union"
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The_Internet
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If only England could do the same thing as the Norwegians...
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HucktheForde
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and america comes knocking the doors

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MatureStudent36
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(Original post by The_Internet)
If only England could do the same thing as the Norwegians...
Introduce national service?
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Skip_Snip
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Does that mean the Middle East can eff off as well?
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Quady
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(Original post by HucktheForde)
[The North Sea has produced about 45 billion barrels in 40 years.

"Based on what we've found here, we're looking at between 50 and 100 billion barrels of oil in place in the ground,"
"We believe we can recover between 5% and 15% of the oil in the ground by conventional method,."
So 45bn and counting vs 2.5-15bn
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YoMelon
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Interesting
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Sir Fox
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A dribble of oil is found somewhere in England and suddenly Scotland is ripe to be kicked out of the union and the UK will turn into the new Norway, being jealously watched by the always greedy US - suuure ...
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PowelliteScum :)
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(Original post by Sir Fox)
A dribble of oil is found somewhere in England and suddenly Scotland is ripe to be kicked out of the union and the UK will turn into the new Norway, being jealously watched by the always greedy US - suuure ...
Scotland should decide whether to be part of Britain or not. Same with wales and NI. No devolution or semi independence. In or out.
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The_Internet
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(Original post by MatureStudent36)
Introduce national service?
Lol I mean this:

http://www.bbc.co.uk/news/business-28882312
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VladThe1mpaler
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the fact that fracking has caused earthquakes in the uk is surely a warning sign that we are doing something which is bad for the planet?

we should be moving towards renewables anyway
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PowelliteScum :)
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(Original post by VladThe1mpaler)
the fact that fracking has caused earthquakes in the uk is surely a warning sign that we are doing something which is bad for the planet?

we should be moving towards renewables anyway
Nonsense. The tremors are rare and are so low on the scale that there is bigger earth movements when I take a turd.

We should be moving to renewables of course, but we still need oil.
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Sir Fox
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(Original post by PowelliteScum :))
Scotland should decide whether to be part of Britain or not. Same with wales and NI. No devolution or semi independence. In or out.
I agree on the first part but not really on the latter one. Semi-independence is useless, yes, but devolution is a normal thing around the globe, even though under different terms. US states, German states etc. all have some degree of political independence from the federal government, it's normal for many countries to not be totally centralised.
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MatureStudent36
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(Original post by VladThe1mpaler)
the fact that fracking has caused earthquakes in the uk is surely a warning sign that we are doing something which is bad for the planet?

we should be moving towards renewables anyway
One minor tremor.

You should read up on it sometime.

Renewables have failed to deliver reliable energy sources.

The simple fact is that the UKs energy needs will have to be met by a combination of renewable, nuclear and fossil fuels for the foreseeable future.
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thunder_chunky
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Let's drain all the oil from the Scots first, then use this. That'll teach the Jocks for wanting independence.
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Smack
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(Original post by MatureStudent36)
One minor tremor.

You should read up on it sometime.
But given that only one well has been fracked in the UK, that fact that the tremor was only a "minor" one does not fill me with confidence.

It would be worthwhile looking at Oklahoma, which is now the earthquake capital of the states, surpassing California in the last few years. I don't know whether the increased seismic activity in areas where a large amount of oil wells are fracked is a result of the fracking process itself or due to injection wells used to dispose of fracking waste water (a study points towards the later as a cause of a recent 5.7 magnitude quake, the largest recorded in Oklahoma). But to downplay any such risks would be remiss.
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Magnus Taylor
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This feels like a dream
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Rakas21
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(Original post by The_Internet)
If only England could do the same thing as the Norwegians...
The coalition announced the creation of a sovereign wealth fund for fracking during the Autumn statement. Granted we should find other sources of money for it as well.
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