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North Sea may be set for second oil boom
Summary from the United Kingdom, from articles in English
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The North Sea could be set for a second boom as companies search for new sources of oil and gas to take advantage of record prices. (article 2)
The popular view is that the UK's share of the North Sea is in decline, with energy reserves diminishing rapidly about 35 years after the oilfields were first exploited. (article 2)
There is a growing body of opinion that suggests that proven oil reserves have been underestimated consistently. (article 2)
Industry experts believe that the remaining reserves exceed current estimates by as much as a fifth New technology and the rising price of oil mean that it is now economically viable to drill fields once considered too difficult or too remote. (article 2)
Richard Pike argued in Petroleum Review this month that true proven reserves for the world may be nearly twice the conventional figure. (article 2)
Mr Pike said that the current industry practice of reporting proven reserves alone was purely an historic convention that bore little relevance to what was actually produced. (article 2)
Since the discovery of oil in the North Sea, the equivalent of 37 billion barrels of oil have been extracted from the UK Continental Shelf (UKCS), leaving up to 25.5bn barrels still to be recovered. (article 3)
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Other stories about oil, Prices and Gas:
Event tracking:
Story keywords
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oil, Prices, Gas, barrels, energy |
Source articles
- Oil reserves 'will last decades' (BBC News, 06/04/2008, 1089 words)
- North Sea may be set for second oil boom (timesonline.co.uk, 06/05/2008, 768 words)
- North Sea oil reserves far exceed industry estimates (business.timesonline.co.uk, 06/04/2008, 474 words)
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blaster@cs.columbia.edu
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