Building a world of
resilient communities.

MAIN LIST

 

North Sea: Oil reserves 'may stay untapped'

An independent oil company says that more than ten billion barrels of North Sea oil could remain untapped.

Paul Blakely, who works with Talisman Energy, says that large energy corporations are no longer interested in extracting and selling the reserves.

The warning comes amid rising prices of crude oil and growing concern about the security of supplies, following attacks on oil compounds in Saudi Arabia.

This year prices have soared by 25% to levels not seen since the early 1980s.

The UK Offshore Operators Association has said there are plans to extract less than half the oil thought to be left in the North Sea.

During the 1970s multinational companies invested millions of pounds developing the area.

Currently, they prefer to drill for oil in more common locations and industry experts say that exploration in the North Sea is at an all time low.

Insiders also say under-used assets have not been sold on to smaller companies keen to exploit them in new ways.

If methods are not discovered soon to get at the remainder of supplies in the North Sea, the infrastructure that brings it to the surface will be too old to use.

What do you think? Leave a comment below.

Sign up for regular Resilience bulletins direct to your email.

Take action!  

Find out more about Community Resilience. See our COMMUNITIES page
Start your own projects. See our RESOURCES page.
Help build resilience. DONATE NOW.

 

This is a community site and the discussion is moderated. The rules in brief: no personal abuse and no climate denial. Complete Guidelines.


Carbon Markets Have Failed

In theory, the world has the solution to soaring emissions – …

Take the Money and Burn: How CEO Pay Accelerates Climate Change

Perverse Pay Incentives Reward Fossil Fuel CEOs for Putting Planet at Risk

Peak Oil Notes - Sep 2

The last ten days have been among the most volatile for the oil markets …

Hundreds Rally in Alaska to Tell Obama ‘Climate Leaders Don’t Drill the Arctic’

Climate groups rallied in Anchorage, Alaska to demand that the U.S. …

U.S. tight oil production decline

U.S. oil production has begun to drop in response to low oil prices, but not …

Europe Oil Consumption Peaked in 2005

Consumption peaked 7 years after the production peak and is falling now in …

Peak Oil Review - Aug 31

 A weekly roundup, including: -Oil and the global economy -The Middle …