Oil is something that we take pretty much for granted. When we need more we buy more. It keeps on coming. We are told about Arab princes with humungous amounts of petrol dollars having fun spending it. Most of the price is tax and gets wasted by our very own government. Much less is said about that. Oil prices sound pretty boring, important but boring. They are very political and that gets into the realms of international politics. There are questions about who is doing what to whom and why. Think gigabucks every time.
Of course the price at the pump in England has around 200% tax on it; buy a gallon and pay for another two. The big companies are tax collectors with a side line in petrol. But that is local policy. The technical term is Tax Farming. Governments found that is an easy way to screw the working man and screw him they do. For comparison you pay around £0.85 per litre at the pump in England today [ July 2005 ]. In Australia it is around £0.40 and in Thailand it is £0.25. The King of Thailand is highly regarded and that may be part of the reason why. The American price has risen to about $2 per GALLON, circa £0.29 per litre and they are not pleased.
There are greenies who want it to go even higher. That is one of the political pressures. They make claims about conservation based on deep seated ignorance and wide ranging malice or pessimism. More important influences come from the Middle East. The media do not bother to tell us about alternative sources. The Athabasca Tar Sands are in Canada and when the oil price gets high enough they are worth mining. The same applies to the Orinoco Tar Sands in Venezuela. In the 1930s and 1940s the Germans made synthetic oil and rubber from coal. The Brazilians use biofuel which means converting corn into petrol. It is an unfortunate fact that a lot of the world's most accessible oil, the easy oil is in unstable places [ but see British Firm Produces Petrol From Air. It could be a game changer ] Former Russian satellites are one example. Oil well technology was developed in America but their sources are probably being used to their limits. The technology has been exported to Saudi Arabia and the Middle East generally. Drilling for oil at sea means developing technology even more. It has been done but getting it ashore is more expensive.
One of the issues was expropriation by governments in Iraq and other places. Arabs decided to put the price up. They had looked at what happened to the product as it got to the consumer. They saw government parasites battening on to the need for petrol and abusing it as a source of revenue, which they used to enhance their own power. So the oil kept on flowing but more of the profit stayed with the Arabs. Then we had our oil shock in 1973. See 1973 Energy Crisis. This began during the Yom Kippur War. The Egyptians and the Syrians attacked Israel and pushed them back but when the Jews started winning the Arabs refused to sell to the countries which supporting the enemy. OPEC quadrupled oil prices.One of the problems for Zionists in Israel is getting oil when Arabs are hostile. They have coped but they would like to control the world's oil and the Middle East. Given their track record of manipulation it is a big problem for us, their potential victims. This is one of the reasons why they have made the Americans invade Iraq for the second time and why they are threatening Iran.
When you think about the wars in the Middle East ask cui bono; it is Latin for who benefits then have a look at the Mosul-Haifa pipeline - Israel is at the receiving end of it and at Afghanistan Invasion Explained - It's Oil [ 12 July 2009 ].
Aberdeen, The Granite City In Crisis
Oil prices have gone down; they have stayed down. Aberdeen is hurting. Of course the savings haven't come through to us, to the users.
Frozen Assets - Arctic Oil
There is around 13% of the world's oil in the Arctic. Neighbouring countries want it. James Bamford explains all.
Is the big, new thing; one driving oil prices down big time. Petrol prices are different; staying high to rob us blind is policy.
Oil In The Mediterranean
There is more gas than oil but they are both there. The size of the deposits, the amount that can be taken is still [ in 2014 ] a question. The politics are not settled yet.
Oil spill in Dalian
It was seriously messy.
British Firm Produces Petrol From Air [ 25 October 2012 ]
A British firm has produced the first 'petrol from air', it emerged today - in a pioneering scientific breakthrough that could end mankind's reliance on declining fossil fuels. Air Fuel Synthesis in Stockton-on-Tees, Teesside, claims to have made five litres of petrol since August using a small refinery that synthesizes the fuel from carbon dioxide and water vapour. Air Fuel Synthesis in Stockton-on-Tees, Teesside, claims to have made five litres of petrol since August using a small refinery that synthesizes the fuel from carbon dioxide and water vapour.......
While the company is still developing their process and still need to take electricity from the national grid, it believes it will eventually be possible to power the synthesis entirely from renewable sources. Within two years it hopes to build a commercial-scale plant capable of making a ton of petrol a day and expand into producing green aviation fuel to make airline travel more eco-friendly.
The technology involves mixing air with sodium hydroxide, then electrolyzing the resultant sodium carbonate to release pure carbon dioxide. This is then reacted with hydrogen electrolyzed from water to make a hydrocarbon mixture, with the reaction conditions varied depending on the type of fuel desired. The fuel that is produced can be made ready for use in any petrol tank with the addition of the same additives currently added to fuel.......
AFS already has the backing of the Institution of Mechanical Engineers. Tim Fox, the Institution's head of energy and the environment, said: 'It sounds too good to be true, but it is true.'
This does make sense. They're probably doing advanced work with catalysts which lower the activation energy required for the synthesis to take place. The important issue is how much power it takes to produce a gallon of petrol. Recall that Auschwitz was not a factory for killing Jews; it was the world's most advanced factory for making petrol from coal. If it works on an industrial scale the political implications are huge.
Athabasca Tar Sands
Contains 1.6 trillion barrels in toto = 32% of world reserves. 315 billion barrels can be extracted
Has around 3.5 billion barrels that can be taken with current technology.
Orinoco Tar Sands
Contain 1.7 trillion barrels in toto 34% of world reserves. 335 billion barrels can be extracted
An Orinoco oil man explains that Orinoco oil is good oil and easy to get out.
PS There is lots of it too.
Gives a broad view. Known world oil reserves are around 2,390 billion barrels. Estimates of undiscovered reserves range widely from 275 to 1,469 billion barrels. This ignores tar sands which hold many billion more.
Summary of Reserve Data as of 2007
Reserve life 3
1 Claimed or estimated reserves in billions (109) of barrels (converted to billions of cubic metres). (Source: Oil & Gas Journal, January, 2007)
2 Production rate in millions (106) of barrels per day (converted to thousands of cubic metres per day) (Source: US Energy Information Authority, September, 2007)
3 Reserve life in years, calculated as reserves / annual production. (from above)
America May Have An Oil Reserve Three Times Larger Than Saudi Arabia
Shale oil is there but getting it means destroying the land. A lot of Americans don't like the idea. See the comments; some are silly but all are against.
Has around 3.5 billion barrels that can be taken with current technology.
Gaza Gas Murder and Robbery
It turns out that it is even worse; that mass murder is not just a vote buying gimmick. The major objective is stealing gas fields from Gaza with the collusion of Tony Blair, the little swine who lied us into war with Iraq.
Gull Island Oil
Lotsa oil in Prudhoe Bay. Who would have thought it?
Mediterranean Oil Is Big Time
The Myth of Peak Oil
Peak oil means expensive oil. Oil companies like expensive oil. Why sell it for $10 when you can get away with $60. It means making the punters think that there is a shortage. Governments like the idea too. It means more tax and a way to control the peasants. This is why the Zionists sent the American army to war. Control the Middle East. Control Oil. Control the world but that is not the theme of this source.
Is it fact or fancy. There is a lot of it out there off shore California. That is just one place.
Peak Oil Is A Lie
‘Control energy and you the control nations’ – Henry Kissinger...........
Briefly, the ‘Peak Oil’ idea rests on an assessment of the total known recoverable reserves of the stuff and as the critics point out, the two main advocates of ‘Peak Oil’ have over the decades been forced on a regular basis to revise their estimates upwards and push forward the date at which it would ‘Peak’ or effectively, the oil reach a peak of production and from there on, go down. Specifically, it’s the point at which we reach the top of the curve or halfway, beyond which recovery starts to diminish, the so-called Hubbert Curve.
I am not entirely convinced but he gives sources and that is always a good sign. Read for yourself. Think for yourself. Decide for yourself.
Oil, Afghanistan, Enron And Iraq
Q. What do Afghanistan, Enron, 9-11, Anthrax and Iraq have in common?
A. Lots of Lies and Coverups......
The short story. The largest oil and gas reserves are in Central Asia but are land locked. The US covertly supported and courted the Taliban to get a huge pipeline project through Afghanistan.. Clinton backed out after al-Qaeda terrorist attacks. Bush resumed negotiations, then threatened the Taliban with military action and planned an invasion before 9-11 occurred. Many believe that 9-11 was allowed to happen so no one would question the invasion of Afghanistan and the building of bases. Iraq was planned next. Letting 9-11 happen has been claimed by many people within the FBI and the administration. The pre-planned invasion of Afghanistan and Iraq are not theories, they are facts.
Why are Englishmen in Afghanistan? Depend on the politicians not to tell the truth about that or anything else. Think of money, power, oppression. Then read this and know.
If oil stops flowing it is serious. It can be a matter of life and death. It has happened. It can happen again.
Oil And Politics
Oil is a survival issue. Surviving means do whatever it takes. It is not necessarily going to be pretty. Invading Kuwait? Check. Invading Iraq? Check? Invading Libya? Check. Invading Afghanistan? Check out the gas pipeline that is planned. Invading Iran. Check out the Jews that want us to invade it for them. It will start World War III but Zionist crazies don't care about that.
Oil and War
Lots of money rides on oil. Giving the locals a slice of the action is the sensible way to go. War is another way and the preferred option in various cases.
Oil in Africa
Oil in Africa is political. So is the truth. We don't get much of either. Bill Engdahl explains. To be fair he is only an economist.
Oil, Peak Oil And Algae
The summer of 2009 was dubbed the "summer of algae" as industry, venture capital and the federal government committed more than a billion dollars to algae-related projects. Some may wonder why all this attention and whether it is deserved? If the interest of large oil, chemical and food companies is any indicator, the answer is yes.............
...... major companies are interested in algae as a long-term feedstock that is 100 percent renewable, feeding off of readily available nutrients, using nonarable land and nonpotable water. Algae provide companies a way to beneficially reduce their carbon footprint. Add to that the opportunity to grow green technology jobs and even a skeptic can see why the algae industry is important. The algae industry is focused on three areas: innovation, entrepreneurship and growth, and major companies want to tap those traits.........
The largest single investment in any biofuel feedstock or technology came last year when ExxonMobil surprisingly announced it was working with Synthetic Genomics to jointly develop algae-based biofuels. Synthetic Genomics stands to receive up to $300 million in investments from ExxonMobil based on milestones.
The greenies object to using oil. One reason is Industrial Sabotage. Greenies are Lenin's Useful Idiots Subverting civilization while Capitalist Swine build it up, for their own advantage of course. Easy oil is finished but Now we can see that The Myth of Peak Oil may be past its sell by date.
Has oil. America wants oil. What is the best way to get it? Buying it at $25 a barrel sounds all right to me. Making war, killing thousands and wasting billions does not, but that is how Bush does it. A repeat performance is on the cards.
Why Germany really lost World War II
The short answer, the simple answer is the lack of oil. It is why Auschwitz was set up, to convert coal into petrol.
World Energy Hotspots
Where it is. How much there is. How difficult it is to get at. But in the end if a shooting war is what it takes, a shooting war is what it gets.
Peak oil theories wrong, says ExxonMobil boss [ 13 September 2006 ]
American Invasion Plans For Saudi [ 4 November 2005 ]
America might well invade Saudi if there is a coup d'etat to keep the oil moving. It would back fire big time. Islamics have already proved that they can sabotage oil pipes and kill Americans.
The Guerrilla War for Iraq’s Oil [ 4 December 2005 ]
A war is raging in Iraq that will determine the outcome of the present occupation as well as the shape of future conflicts. It is the war for control of Iraqi oil.
Currently, America is losing the conflict in rather stunning fashion with little hope of reversing the situation in the near future. This week the Iraqi Oil Ministry announced that oil production “has reached a post-war low” and that the “exports of crude, which had run at an average of about 1.6 million barrels per day [ mbpd ] since the end of the 2003 war, dropped to 1.2 mbpd in November and 1.1 mbpd in December.” (Al Jazeera) [ In 1990, Saddam was exporting 3.5 million barrels per day. Editor ] All the indicators point to reduced production due to the escalating violence.
Next time you pay 90 pence a litre at the pump you are a victim of Zionist control of the White House, Congress, Senate and the American war machine. Do the media bother to tell you about this one?
Iraq, Oil and Bush [ 11 April 2006 ]
Invading Iraq was about WMD! Right? NO!
But don't kid yourself -- Bush and his co-conspirator, Dick Cheney, accomplished exactly what they set out to do. In case you've forgotten what their real mission was, let me remind you of White House spokesman Ari Fleisher's original announcement, three years ago, launching of what he called,
O.I.L. How droll of them, how cute. Then, Karl Rove made the giggling boys in the White House change it to "OIF" -- Operation Iraqi Freedom. But the 101st Airborne wasn't sent to Basra to get its hands on Iraq's OIF.
So next time you get screwed at the petrol pump, you know why. Oil prices are about winners and losers. We are the losers.
Brazil oil field could be huge find [ 16 April 2008 ]
A deep-water exploration area could contain as much as 33 billion barrels of oil, an amount that would nearly triple Brazil's reserves and make the offshore bloc the world's third-largest known oil reserve, a top energy official said Monday. National Petroleum Agency President Haroldo Lima cautioned that his information on the
Major Oil Discovery Classified SECRET [ 26 May 2008 ]
Lindsey Williams served as chaplain on the Trans Alaska pipeline project in the '70s and wrote the book “The Energy Non-Crisis.”.......... In his book he describes the oil field that was discovered at Gull Island while the pipeline was being built. The Gull Island reservoir was described as being “larger than the oil field in Saudi Arabia.”
The only problem was that the day the find was going to be announced, the DoD flew in and classified the Gull Island reservoir. With presidents coming and going every 4-8 years, supposedly from different parties, one has to wonder who has the authority to order the Department of Defence to classify an oil discovery that would have eliminated America's dependence on foreign oil?
Big Oil and Big Government screw us Big Time.
Oil And Politics [ 21 July 2008 ]
Blood Oil - Could a bunch of Nigerian militants in speedboats bring about a U.S. recession? Blowing up facilities and taking hostages, they are wreaking havoc on the oil production of America's fifth-largest supplier. Deep in the Niger-delta swamps, the author meets the nightmarish result of four decades of corruption.
YES is the answer. The solution to the problem is to treat the locals decently. At least it would be if the local rulers were not grossly corrupt. With oil up from $25 to $140 the problem is clear.
Russia And, Denmark Say Law Must Decide Ownership Of Arctic Oil [ 27 February 2009 ]
The battle for the Arctic's vast reserves of oil and gas can only be decided by international law, Russia and Denmark said after talks on Thursday. Five countries with an Arctic coastline -- Russia, the United States, Canada, Norway and Denmark through its control of Greenland -- have competing claims to the region....... Arguing that an underwater ridge links Siberia with the Arctic, Russia plans to claim a vast section of the seabed -- with a estimated total of 13 percent of the world's undiscovered oil and 30 percent of undiscovered gas.
The issue is important unlike much of what passes for news. Gigabucks ride on it. Ultimately oil is a survival issue. That is why Israel sent the America army to Iraq - stealing oil is their approach.
Afghanistan Invasion Explained - It's Gas [ 12 July 2009 ]
The second option is to build a pipeline south from Central Asia to the Indian Ocean. One obvious route south would cross Iran, but this is foreclosed for American companies because of U.S. sanctions legislation. The only other possible route is across Afghanistan, which has of course its own unique challenges. The country has been involved in bitter warfare for almost two decades, and is still divided by civil war. From the outset, we have made it clear that construction of the pipeline we have proposed across Afghanistan could not begin until a recognized government is in place that has the confidence of governments, lenders, and our company..........
Unocal foresees a pipeline which would become part of a regional system that will gather oil from existing pipeline infrastructure in Turkmenistan, Uzbekistan, Kazakhstan and Russia. The 1,040-mile long oil pipeline would extend south through Afghanistan to an export terminal that would be constructed on the Pakistan coast. This 42-inch diameter pipeline will have a shipping capacity of one million barrels of oil per day. The estimated cost of the project, which is similar in scope to the trans-Alaska pipeline, is about $2.5 billion........
Last October, the Central Asia Gas Pipeline Consortium, called CentGas, in which Unocal holds an interest, was formed to develop a gas pipeline which will link Turkmenistan's vast Dauletabad gas field with markets in Pakistan and possibly India. The proposed 790-mile pipeline will open up new markets for this gas, traveling from Turkmenistan through Afghanistan to Multan in Pakistan. The proposed extension would move gas on to New Delhi, where it would connect with an existing pipeline. As with the proposed Central Asia oil pipeline, CentGas can not begin construction until an internationally recognized Afghanistan Government is in place.
This evidence was given to the American Congress back in 1998. The 9/11 Job was just an excuse.
Hugo Chavez Warns Venezuela Of American Invasion [ 15 November 2009 ]
Venezuela's President Hugo Chavez has renewed his charges that the US and Colombia have sealed a "devil's pact" to wage war against Venezuela. For the second time in little over a week, Chavez called for his military and the country's militia to prepare for war to protect the sovereignty of Venezuela against the threat posed by the US using Colombian soil........... Chavez is furious over last month's signing of a military cooperation deal between Bogota and Washington granting the US the use of seven military bases on Colombian soil.
Bush invaded Iraq to steal their Oil for Israel. Venezuela has oil, lots of oil so Mr Chavez is right to be worried or at least right to get his people alert. Remember that Bush and Blair lied about those nasty WMDs and that Obama was going to shut Gitmo and stop Torture. He lied about that. Politicians lie like they breathe.
Former UK Ambassador Says CIA Sent People To Be ‘Raped With Broken Bottles' [ 1 December 2009 ]
The CIA relied on intelligence based on torture in prisons in Uzbekistan, a place where widespread torture practices include raping suspects with broken bottles and boiling them alive, says a former British ambassador to the central Asian country. Craig Murray, the rector of the University of Dundee in Scotland and until 2004 the UK's ambassador to Uzbekistan, said the CIA not only relied on confessions gleaned through extreme torture, it sent terror war suspects to Uzbekistan as part of its extraordinary rendition program.
"I'm talking of people being raped with broken bottles," he said at a lecture late last month that was re-broadcast by the Real News Network. "I'm talking of people having their children tortured in front of them until they sign a confession. I'm talking of people being boiled alive. And the intelligence from these torture sessions was being received by the CIA, and was being passed on." Human rights groups have long been raising the alarm about the legal system in Uzbekistan. In 2007, Human Rights Watch declared that torture is "endemic" to the country's justice system.............
"I was absolutely stunned -- it changed my whole world view in an instant -- to be told that London knew [the intelligence] coming from torture, that it was not illegal because our legal advisers had decided that under the United Nations convention against torture, it is not illegal to obtain or use intelligence gained from torture as long as we didn't do the torture ourselves," Murray said.
IT'S THE PIPELINE, STUPID
Murray asserts that the primary motivation for US and British military involvement in central Asia has to do with large natural gas deposits in Turkmenistan and Uzbekistan. As evidence, he points to the plans to build a natural gas pipeline through Afghanistan that would allow Western oil companies to avoid Russia and Iran when transporting natural gas out of the region. Murray alleged that in the late 1990s the Uzbek ambassador to the US met with then-Texas Governor George W. Bush to discuss a pipeline for the region, and out of that meeting came agreements that would see Texas-based Enron gain the rights to Uzbekistan's natural gas deposits, while oil company Unocal worked on developing the Trans-Afghanistan pipeline. "The consultant who was organizing this for Unocal was a certain Mr. Karzai, who is now president of Afghanistan," Murray noted.
Sometimes it sounds so outrageous that it can not be true. Then you realise that it is all part of a pattern and very ugly one at that. Amnesty whines about the Swiss. See the next one. What does it say about the Uzbecks?
The Guardian Catches Up On The Trans Afghanistan Pipeline Story [ 21 December 2009 ]
The Guardian has become the first British national newspaper to report on the importance and significance of the Trans Afghanistan Pipeline (TAP) project — a subject vital to understanding the causes underpinning the Afghanistan war after only the British National Party’s Land & People previously reported on it............ At stake in Afghanistan is the survival of the transatlantic alliance, Europe’s energy security and independence, and whether the deepening ties between Europe — especially Germany — and Russia, will eventually lead to the western integration of Russia, or instead, to it gaining a stranglehold over European energy security.........
Stabilizing Afghanistan — not just temporarily to justify withdrawal, but for good — is crucial for the anticipated Trans-Afghanistan Pipeline from Turkmenistan to India (known as Tapi) to be built and its security to be guaranteed.
The British National Party scooped The Guardian. The idea of a pipe line looks good on paper. It could be useful if the country was pacified. That means killing enough peasants. Enough means at least 99% and, of course genocide which is a major war crime. Who cares? Not Blair, Brown Bush, Obama, Wolfowitz, Feith, Frum or Rumsfeld just for starters.
Peak Oil: The real reason for the war in Afghanistan – the one the controlled media won’t tell you about! - The BNP gives a decent summary of the logic. The logic is Oil. Men's lives come a bad second.
Fight for BP. Fight for Esso then get robbed at the petrol pump
Afghanistan Big Oil And Truth [ 11 April 2010 ]
It has been revealed in the Indian media that efforts will be made to speed up the Trans-Afghanistan-Pakistan-India (TAPI) gas pipeline project next weekend [ Efforts on to revive TAPI gas pipeline project ], the outcome of which could seal the fate of thousands of British and other Western troops over the coming years. The conference, to be held in Turkmenistan’s capital, Ashkhabad, will be the first high-level meeting on the project for almost three years. It follows in the wake of Operation Moshtarak, the military offensive to wrest Afghanistan’s strategically important Helmand Province, through which the proposed pipeline will be built, from Taliban control.
You might wonder just why it is that British troops are going to protect a pipeline through enemy territory to supply India. Remember that Falklands oil is not on stream yet. The Foreign Office tried to get rid of it. Maggie beat them but their treachery cost men's lives. Now it is all happening again.
Global Proven Oil Reserves Increase By 33% Over Two Decades [ 13 June 2010 ]
Venezuela is now the world’s second biggest holder of proved oil reserves, overtaking the Gulf producers Iran, Iraq and Kuwait. In the 2010 edition of its benchmark Statistical Review of World Energy, which was published last week, BP has made substantial upwards revisions to its estimates of Venezuela’s oil reserves for both last year and 2008. It appears to have included in its latest tally about 73 billion barrels of heavy crude reserves for which the South American country has long sought recognition from Opec. That has boosted the company’s estimate of Venezuelan oil reserves by more than 73%, following a smaller revision last year............
Over the same period, however, the world’s total proved oil reserves have expanded more than twice as fast, swelling by nearly a third to 1.33 trillion barrels by the end of last year from 1 trillion barrels two decades earlier. The world’s top six holders of oil reserves, according to the latest BP league table, are now, in descending order, Saudi Arabia, Venezuela, Iran, Iraq, Kuwait and the UAE, all of which are OPEC members..............
Gas reserves in Russia and Saudi Arabia also increased last year. Russian reserves grew by 2.5% to 1.57 quadrillion cubic feet. Those of Saudi Arabia swelled by 4.6% to 280 trillion cubic feet.
We need oil, not just for transport but for a range of important chemicals. There is no alternative in sight much as the greenies want one.
Vast Gas Field Found In Lancashire - Greenies Annoyed [ 13 October 2011 ]
The huge scale of a natural gas field discovered under the north-west of England has been revealed, potentially revolutionizing the UK's energy outlook and creating thousands of jobs, but environmental groups are alarmed at the controversial method by which the gas is extracted.
Preliminary wells drilled around Blackpool have uncovered 5.6tn [ trillion ] cubic metres (200tn cubic ft) – equal to the kind of recoverable reserves of big energy exporting countries such as Venezuela, according to Cuadrilla Resources, a small energy company which has the former BP boss Lord Browne on its board. It said up to 800 more wells might be drilled in the region, creating 5,600 jobs and promising a repeat of the "shale gas revolution" that swept the US, sending local energy prices spinning downwards......
However, it is also a potentially much cheaper alternative to wind and solar power, which both currently [ and always will ] require public subsidies.
This important news was reported last month then disappeared. It was not headline news; a tribute to the power of the greenies, the industrial saboteurs, the Neo-Luddites who want us to live in caves.
Four Billion Barrels Of Oil South Of London [ 1 June 2014 ]
People who live there are worried. Greenies are annoyed. They will use propaganda against it then follow through with sabotage as normal. Lancashire has more. They have been pumping oil at Kimmeridge Bay since 1979 without any great disruption.
Major Oil Field Found In Sussex [ 10 April 2015 ]
The exploration company UK Oil & Gas Investments claims that it has made a significant oil find close to Gatwick Airport in West Sussex.
The company, which is chaired by entrepreneur David Lenigas, announced that analysis conducted on the site means that the well could yield up to 158 million barrels of oil per square mile. The company's licenses cover 55 square miles of the Weald Basin, a region spanning Kent, Sussex, Surrey and Hampshire.
This suggests that the site could hold over 8.6 billion barrels of oil - just under a fifth of the amount that has been pumped out of the North Sea in the past 40 years.
At the current oil price of around $58 a barrel, the amount of oil UK Oil & Gas Investments claims is lying under the West Sussex countryside would be worth just under $500bn, or £336bn. However, the company cautioned that it may only be able to extract a fraction of those reserves from the site.
A number of industry experts have expressed scepticism about the size of the discovery.
Stephen Sanderson........... added: "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".
This is good news for England. People in the area will not be pleased. NIMBY is the watchword. They might even say SNAFU.
PS Notice that Daily Mail alleges that the oil firm claims. Does the paper know better?
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