03 Sep New report shows Scotland’s oil reserves worth ‘trillions’
An astonishing new report shows that Scotland’s oil and gas wealth may be worth over 100% of previous estimates.
The investigation undertaken by independent North Sea oil and gas industry experts and oilandgaspeople.com, the world’s largest oil and gas industry jobs board finds that extractable reserves on the West Coast alone could produce oil and gas for 100 years and be worth £1 trillion.
- Reserves could be underestimated by 100%
- West Coast reserves alone worth £1 trillion
- Investment in exploration and production set to dramatically increase
- Find near Lewis could dwarf larger finds around the world
Published in today’s [Wednesday] Oil Industry News in an article entitled “Scottish West Coast untapped oil and gas reserves worth trillions”, the investigation is reported to reveal that “the scale of Scotland’s untapped frontier West Coast or Atlantic Margin has been underestimated.”
The investigation included interviews with industry experts as well as research from independent sources including oil and gas firms and scientific bodies and reportedly reveals that “current predictions of of extensive untapped reserves of oil and gas could be underestimated by 100%.”
New technologies make “gigantic or ‘supermassive’ oil reserves” accessible according says the Oil Industry News article. Areas such as the west coast of Scotland, the Outer Hebrides and Shetland have until now been untapped owing to extraction problems which can now be overcome.
One such field Clair Ridge operated by BP was accessed using new technologies estimates now suggest 8 billion barrels will be recovered – the equivalent of £300bn at today’s prices indicating the potential across Scotland’s territorial waters.
The investigation also reportedly revealed evidence that a recent find near Lewis dwarfs large oil discoveries around the world.
Kevin Forbes, CEO of Oilandgaspeople.com told Oil Industry News that “The report provides independent evidence that the frontier Atlantic Margins off the West Coast of Scotland are likely to hold large oil and gas fields that could well be the same size if not bigger than the reserves in the North Sea,” he said.”