Britain crude oil discovery.. Could be huge!

[Mystic]

It is being reported by the BBC and others that there has been a huge crude oil discovery in Britain. If this is correct this could be major news.

http://www.reuters.com/video/2015/04/09/britain-strikes-oil-with-surprise-find?videoId=363791044

This news is just barely coming in so we will have to wait and see if this discovery is confirmed. It could literally have an effect on world affairs if this oil discovery is as vast as they are saying it may be. Britain and perhaps Europe could become energy independent.

 

[ls1mike]

Interesting. Definitely something to watch!

 

[Mystic]

According to three different sources of news there may be 100 billion barrels of oil in that area. But the area is built up and they may be able to recover only about 15% of the oil. But that would still be billions of barrels of oil.

What they are saying is that the crude oil could start being produced in about 15 years. If 15% can be recovered it would be worth some 600 billion dollars in American money terms.

The Greenpeace people are already going insane and some people are already trying to prevent development.

By the way, there is also reporting about a large oil field in Scotland that has not been developed.

And it would be expensive to develop this oil in England, and with oil prices low right now development might be slow. But still, it is certainly a reserve of oil for Britain.

According to some of the news sources, there is as much crude oil in this area of England as the total reserves for the North Sea.

And Russia might not be able to put as much pressure on Britain if Britain has it's own reserves of crude oil. This crude oil discover could be important for world affairs.

 

[OneEyeJack]

This is good news.

 

[Mystic]

I think this is fantastic news. It is very good news for Britain and as everybody should know Russia has been kind of holding Europe hostage with its sale of natural gas to Europe.

Now this is a crude oil discovery but there could be natural gas there also and no matter what happens in the world, Britain now has a major reserve of crude oil.

But there is already major opposition and Greenpeace is going insane already.

 

[HerrStig]

Despite it all, the UK welfare state will still ensure 8 bucks a gallon gasoline. I can't help but think this is an belated April Fool joke though.

 

[Smokescreen]

There is oil being discovered all the time.

The myth that there is dwindling oil supply on the earth is ridiculous.

That being said we should always be developing methods of making the most efficient use of that oil and giving proper respect to the planet.

 

[Hokiefyd]

Originally Posted By: Smokescreen
The myth that there is dwindling oil supply on the earth is ridiculous.


I believe that the oil volume on the earth is dwindling. "Dwindling" meaning to gradually decline over time. The earth isn't making more oil.

That said, I also believe that we'll essentially never run out of it. We'll either (a) find new reserves, as Great Britain potentially has done, adding to our supply, or (b) it'll eventually become too expensive to harvest and refine, forcing us to look to other options.

I personally believe that alternative (b) is still many, MANY generations into the future.

 

[LoneRanger]

Will this help BP's stock price?

 

[Danno]

Originally Posted By: Hokiefyd
Originally Posted By: Smokescreen
The myth that there is dwindling oil supply on the earth is ridiculous.


I believe that the oil volume on the earth is dwindling. "Dwindling" meaning to gradually decline over time. The earth isn't making more oil.

That said, I also believe that we'll essentially never run out of it. We'll either (a) find new reserves, as Great Britain potentially has done, adding to our supply, or (b) it'll eventually become too expensive to harvest and refine, forcing us to look to other options.

I personally believe that alternative (b) is still many, MANY generations into the future.


http://canadafreepress.com/index.php/article/3952

Time for some popcorn.

 

[HerrStig]

15 YEARS to develop an oil field in a first world country? What's WRONG with those people?

 

[HTSS_TR]

There are many regulations the oil companies must follow. To get all permissions to start drilling it may take many years.

In third world countries all you need is bribe some officials sufficient amount and get permit(s) the next day or week.

 

[Mystic]

I was kind of wondering why it would take so long for development to begin also.

 

[andyd]

Getting permits is what I do. I'm the front man. There is a small group at the office preparing the papers. They do a thankless job getting permits in an ever more litigious climate I am a check courier essentially. A paper pusher, the best job ever. I leave the office and hand submit permits to the proper inspectors and expedite the process. Some are merely handed to a counterpart in the office. Others are issued on the spot providing the paper work is in order The internal processes of the city or town permits take time. Permits in England, hoo boy! Think of the Big Dig only vertically

 

[ottotheclown]

This could be huge......that's what the bride said.

 

[Mr Nice]

Originally Posted By: HTSS_TR
There are many regulations the oil companies must follow. To get all permissions to start drilling it may take many years.

In third world countries all you need is bribe some officials sufficient amount and get permit(s) the next day or week.


Yep.

 

[hattaresguy]

Originally Posted By: HerrStig
15 YEARS to develop an oil field in a first world country? What's WRONG with those people?


In our country it took almost a decade. All the oil coming on line was from Bush 2.0.

In China it would take about 6 months, which is why China is what China is.

The Chinese would just evict the people off the land, plant a few rigs, lay some pipe and start producing. Green Peace protesters would be shot/imprisoned/deported/never show up.

 

[xxch4osxx]

Originally Posted By: HerrStig
15 YEARS to develop an oil field in a first world country? What's WRONG with those people?
Around these parts, it can take up to 10 years or more to get a license to open and operate a quarry. So 15 years for an oil field doesn't surprise me.

 

[expat]

Originally Posted By: HerrStig
Despite it all, the UK welfare state will still ensure 8 bucks a gallon gasoline. I can't help but think this is an belated April Fool joke though.


The LAST thing the uk needs is more cars on the road.

My thoughts are, that oil is going to stay in the ground for a long time.

 

[Lyman]

Originally Posted By: Smokescreen
There is oil being discovered all the time.

The myth that there is dwindling oil supply on the earth is ridiculous.

That being said we should always be developing methods of making the most efficient use of that oil and giving proper respect to the planet.
I have a buddy that is a supervisor on an oil rig in Alaska. He would agree with you 100% He told me that what you hear on the news about oil is complete nonsense.