• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 57 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 23 hours Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 9 hours Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 2 days CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 18 hours NordStream2
  • 16 hours OPEC+ Expects Large Oil Glut In Early 2022
  • 14 mins Ukrainian Maidan after 8 years
  • 3 days "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
  • 1 hour Forecasts for Natural Gas
  • 18 hours Big Bounce: Russian gas amid market tightness - new report by Oxford Institute for Energy Studies
Big Oil Is Fighting For Clean Fossil Fuels

Big Oil Is Fighting For Clean Fossil Fuels

While much has been made…

Could Greenflation Derail The Commodity Supercycle?

Could Greenflation Derail The Commodity Supercycle?

The global energy transition is…

UK Shelf Holds 3.4 Billion Barrels In Unsanctioned Discoveries

The UK Continental Shelf holds 3.4 billion barrels of oil equivalent (boe) in around 350 unsanctioned discoveries, highlighting a significant development potential, the UK’s Oil and Gas Authority said in a study on Tuesday, but warned that challenges remain in making these finds economically attractive to develop.

Most of the deposits lie in “small pools”, that is, containing less than 50 million technically recoverable boe. Some of those small pools, however, are far from existing infrastructure and may need new technologies and stand-alone solutions to pump the oil and gas, the authority said.

A total of 155 of the pools along the UK Continental Shelf are unlicensed, the study found. In addition, ownership and operatorship are fragmented, and many operators operate just one or two pools in the UK’s North Sea.

Regarding the pools that can be tied to existing infrastructure, their economically viable development critically depends on cost reduction for tie-back and modifications to existing infrastructure. Regarding the pools that are far away from existing infrastructure, efficient technology would be needed to make them attractive for development, the authority’s study says. Some areas also pose technical challenges to recovering hydrocarbons, including heavy oil, high pressure, and low permeability.

Related: Saudi Oil Minister: Non-OPEC Producers Are Ready To Join Output Cut

Dr. Gordon Drummond, project director of the National Subsea Research Initiative (NSRI) that supported the study, said, “Following an extensive mapping exercise, we now know exactly where these small pools are located and what is required to unlock their potential. If the subsea industry can rise to the challenge of economically tapping into these pools, the North Sea could have a whole new lease of life.”

Tapping into these pools is currently easier said than done, as the North Sea is one of the most expensive development ventures for companies in this low-price environment.

Last month, the Scottish Government said that the value of Scotland’s oil and gas output - which accounted for 81 percent of the UK total production in 2015-2016 – plummeted by 23.5 percent as sustained low prices highlight the challenges that the industry is facing.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News