A POTENTIAL prize of £750 billion in unrecovered oil and gas reserves is in the North Sea and the Atlantic frontier west of Shetland, industry leaders said yesterday.THAT'S ONE AND A HALF TRILLION BUCKS OF OIL.
But they warned that without new technology and investment incentives from the government, the reserves will never be recovered to boost the ailing British economy.
Under the current fiscal regime and investment plans, only around ten billion barrels of oil and gas stand to be recovered over the next two or three decades.
However, the latest economic report by Oil and Gas UK, the pan industry trade body, claims a further 15 billion barrels or more could be pumped from the UK Continental Shelf. That equates to almost half that extracted from the North Sea so far.
THERE IS NO SHORTAGE OF OIL NOW - AND NONE LOOMING.
- PEAK OIL IS BS - LIKE GLOBAL-COOLING WAS.
- PEAK OIL IS BS - LIKE THE POPULATION BOMB WAS.
- PEAK OIL IS BS - LIKE GLOBAL-WARMING IS.
- PEAK OIL IS BS - LIKE ALL LEFTIST ANALYSIS AND LEFTIST POLICY.