North Sea Oil Reserves Could Be Up To 30 Billion Barrels
A report broadcast on BBC Scotland has tonight made the claim that a further 30 billion barrels of oil could still be available in the North Sea. This figure is roughly the same as the amount of oil which has so far been extracted and has surprised many. However, it may not be quite as simple as that........
While the figure of 30 billion barrels comes from an expert in the field it is debatable and the problem may actually be reaching the oil and making extraction worthwhile. While the price of oil has risen substantially over the last couple of years, so has the cost of transporting and hiring the equipment required. When you consider that some of these vessels used to set up the oil rigs can cost upwards of £400,000 a day to hire, the real cost may start to hit home.
However, the claim does open the debate as to whether the current oil price is a reflection of the reserves available or a degree of market manipulation. Many market observers believe that the price of oil is being squeezed higher by those looking to make a quick buck and does not fully reflect the situation on the ground.
Share this..
Related stories
OPEC acts to cut oil production
News that OPEC has cut oil production by some 1.5 million barrels a day, to try and shore up the oil price, has had little impact as yet. The price of a barrel of oil is now down as low as $64 having reached a high or around $150 earlier this year. It seems that finally we are seeing the world wide recession bite into industry's appetite for the black gold and there will no doubt be many traders...
Read MoreAlistair Darling threatens legal action against the banks
In a move which few people believe will actually follow through it has been suggested that Alistair Darling has taken legal advice regarding the reluctance of the UK banking sector to fund the small business sector in these difficult times. The situation seems to go back to the recent bailout and the belief that one of the terms attached to the bailout was the funding of the small business sector....
Read MoreChanges in the UK property sector
A report by the Halifax has highlighted the fact that more and more people are living alone with an increase in sales of terraced houses and flats in the UK. The report has also highlighted the fact that just 19% of those acquiring properties in the UK are looking for a home which does not need any alterations whatsoever. It seems that more and more people are now willing and able to carry out the...
Read MoreSimple ways to save money : Clearing the attic
While money is very tight in the UK at this moment in time there is still great interest in various online auction sites where you can literally get your hands on anything you like. Even though many people in the UK regularly log onto these sites, a significant number have not even considered selling their old "rubbish" online. When we say rubbish, we generally mean clothes, games and other items...
Read MoreManchester United debt rises to £716.5 million
The Glazer family have today issued the report and accounts for the Red Football Joint Venture which is the parent company of Manchester United plc. However, the accounts do not make good reading for Manchester United fans with the revelation that debts have risen to £716.5 million with the company now paying in excess of £68 million a year in interest. This is the first time that the debt as...
Read More