UK gets 100 billion barrels of oil near Gatwick Airport

Britain just discovered 100 billion barrels of oil near Gatwick Airport

UK Oil & Gas investment, exploration, development and production group revealed that it discovered around 100 billion barrels of oil near Gatwick Airport.

The group said in a regulatory statement that it could be up to 100 billion barrels of oil ashore under the south of England, after it drilled a well at Horse Hill near Gatwick Airport, West Sussex last year. It added that the area could hold 158 million barrels of oil per mile.

“Drilling the deepest wells in the basin in 30 years, along with the ability, concepts, techniques and technologies that were not available in the 1980s, has provided the understanding of new innovative data and interpretations of the range of potential oil resources of the area “said Stephen Sanderson, CEO of UKOG in a statement.

However, UKOG added that it estimates that only 3% to 15% of the oil could be recovered, when compared with similar geology in the United States and West Siberia.

Nevertheless, this is a windfall for the UK, where Scotland’s North Sea oil industry continues to struggle with dwindling oil production. It has only produced about 45 billion barrels in the last 40 years.

In 2014, the Organization of Petroleum Exporting Countries (OPEC), lead out how the North Sea oil industry is in a crisis. The average oil production in 2013 from the North Sea clocked its lowest level since 1977.

UK gets 100 billion barrels of oil near Gatwick Airport