[vox_mundi]

UK Oil and Gas Reserves May Last Only a Decade

$this->bbcode_second_pass_quote('', 'T')he Scottish and UK oil industries are entering their final decade of production, research suggests.

A study of output from offshore fields estimates that close to 10 per cent of the UK’s original recoverable oil and gas remains – about 11 per cent of oil and nine per cent of gas resources.

The analysis also finds that fracking will be barely economically feasible in the UK, especially in Scotland, because of a lack of sites with suitable geology.

If the study’s predictions are correct, the UK will soon have to import all the oil and gas it needs, researchers warn.

Instead, they recommend a move towards greater use of renewable energy sources, particularly offshore wind and advanced solar energy technologies.
$this->bbcode_second_pass_quote('', '[')b]The UK urgently needs a bold energy transition plan, instead of trusting to dwindling fossil fuel reserves and possible fracking. We must act now and drive the necessary shift to a clean economy with integration between energy systems. There needs to be greater emphasis on renewables, energy storage and improved insulation and energy efficiencies.

[Tanada]

IOW a return to the situation as it existed 50 years ago before North Sea fields were discovered. Doesn't anyone remember the 1960's when the UK/Denmark/Norway/Holland were all international oil importers because their domestic sources were between small and non-existent?

The North Sea gave the major claimants a huge economic boost just as the 20 year recovery cycle after World War II was abating. In a way it is too bad the Brent deposit wasn't discovered in 1947 instead of twenty years later. Royal Dutch Shell was in the process of losing all of its Indonesian oil resources just as the North Sea was proven viable.

Be that as it may, so Western Europe is returning to be a major oil importing region. This process has been underway for over 15 years at this point with the North Sea peaking out in 2001-2002? The crucial difference between the North Sea and say Romania is off shore platforms have to maintain a certain high flow rate to pay the associated costs. The fields in Romania are old and abused, but they are still pumping out a trickle of oil even today after about 100 years of production. the North Sea field has been progressively scrapping oil platforms as sections play out because the cost of keeping a platform operational out weighed the value of the oil being produced. This is going to leave a lot of OOIP behind, permanently stranded in those formations.

[vtsnowedin]

From a far off point of view it is sad that once the North sea fields were discovered and their extent and reserves well established that the countries having claim to the oil and gas chose to sell it cheaply into the current market instead of holding it in reserve for future years and only producing each year what was needed by the home countries.
It amounts to killing the goose that lays golden eggs.

[rockdoc123]

$this->bbcode_second_pass_quote('', 'F')rom a far off point of view it is sad that once the North sea fields were discovered and their extent and reserves well established that the countries having claim to the oil and gas chose to sell it cheaply into the current market instead of holding it in reserve for future years and only producing each year what was needed by the home countries.
It amounts to killing the goose that lays golden eggs.

[vtsnowedin]

$this->bbcode_second_pass_quote('rockdoc123', '')$this->bbcode_second_pass_quote('', 'F')rom a far off point of view it is sad that once the North sea fields were discovered and their extent and reserves well established that the countries having claim to the oil and gas chose to sell it cheaply into the current market instead of holding it in reserve for future years and only producing each year what was needed by the home countries.
It amounts to killing the goose that lays golden eggs.

[rockdoc123]

$this->bbcode_second_pass_quote('', 'J')ust because you can get it done this year for $25 a barrel dose not mean that it would not be better to leave it for ten years or more and sell it for $75 per barrel.

[Cliffhanger1983]

This doesn't really matter people because in a few years we are going to have permanent oil shortages and a massive price spike that will collapse the world economy and world governments.

[vtsnowedin]

$this->bbcode_second_pass_quote('rockdoc123', 'C')urrently, Raymond James is suggesting Brent prices of $80 next year whereas the World Bank is saying $60, that is a huge discrepancy.
If you knew what the price of oil was going to be next week or next year you could make out like a bandit on the market....unfortunately there as many losers as winners in that game.

[dissident]

$this->bbcode_second_pass_quote('Cliffhanger1983', 'T')his doesn't really matter people because in a few years we are going to have permanent oil shortages and a massive price spike that will collapse the world economy and world governments.

[vtsnowedin]

$this->bbcode_second_pass_quote('dissident', '')$this->bbcode_second_pass_quote('Cliffhanger1983', 'T')his doesn't really matter people because in a few years we are going to have permanent oil shortages and a massive price spike that will collapse the world economy and world governments.