photo by Terry Cavner
I almost left this headline from Oil Industry News as it was but could not leave the ‘twilight years’ bit alone. What tosh!
You may have read in earlier posts of just one 8 billion-barrel discovery west of Shetland and I’ve lost track of how many posts I’ve made about the ‘Third Wave’ of prosperity hitting the Treasury coffers as I write. See for example:
Now according to US energy-focused investment bank Tudor, Pickering, Holt & Co., we hear, well-after we knew it, that things are on the up again. They’re predicting a rise of 400 000 barrels per day by 2020. Judging by my other reports based on news from elsewhere the demand from Asia will push that figure much higher. See:
So far 40 billion barrels has been extracted from the North Sea, subsidising Westminster to the tune of around £100 billion or much more at today’s prices. There’s at least another 20 million barrels known to be there still to be extracted. Technological improvements will ease that though the discoveries west of Shetland will be extracted using familiar, relatively inexpensive methods well-known to the industry.