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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.

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