Britain could be on the verge of an oil revolution
Britain could be on the verge of an oil revolution after scientists discovered 100 billion barrels at a site near Gatwick Airport. The discovery at the Weald Basin is around 25 times what was previously estimated with experts claiming it has the potential for daily oil production. Geologists found 158 million barrels per square mile and it is estimated up to 15 per cent could be recovered. In 15 years the site could provide up to 30 per cent of the UK’s oil demand. UK Oil and Gas Investments announced the surprise discovery today after commissioning US firm Nutech Ltd, which specialises in petrophysical analysis and reservoir intelligence, to study the site.
The rocks at the 30-mile deep site are naturally fractured, so there wouldn’t be any need for fracking, it was claimed. Stephen Sanderson, from UKOG, described the site as a “possible world class potential resource”. In a statement, he said: Drilling the deepest well in the basin in 30 years, together with the ability to use concepts, techniques and technology unavailable in the 1980s, has provided new cutting-edge data and interpretations to comprehensively change the understanding of the area’s potential oil resources.
The company considers that the high pay thickness, combined with interpreted naturally fractured limestone reservoir with measurable matrix permeability, gives strong encouragement that these reservoirs can be successfully produced using conventional horizontal drilling and completion techniques. Appraisal drilling and well testing will be required to prove its commerciality, but this Weald hybrid play has the potential for significant daily oil production.