North Sea ‘Has Three Times More Oil and Gas’ Than Government Claims

 Britain’s North Sea could hold up to three times more oil and gas than the Government suggests, with leading analysts Wood Mackenzie estimating 14 billion barrels in existing fields. The Telegraph has the story.

That is more than three times larger than the four billion barrels estimated to remain in place by Ed Miliband’s offshore regulator, the North Sea Transition Authority (NSTA). …

The actual amounts could be even larger. The NSTA itself estimates that there could be an additional 15 billion barrels in unexplored areas outside of existing fields.

The UK’s offshore operators have extracted 47 billion barrels of oil from the North Sea, Irish Sea and Atlantic waters over the last five decades. Annual output peaked at about 243 million tonnes in 1999 but since then it has steadily declined, reaching 60 million tonnes last year....<<<Read More>>>...