Oil strike announced in Dorset!
Australian oil company Norwest Energy has this week confirmed a number of potential oil drilling sites in Dorset which have the potential to unearth in excess of 100 million barrels of oil. While this is not the first time that energy companies have moved their operations on land to search for oil, it would be by far and away the largest discovery of recent years in the UK. The company has apparently identified seven potentially lucrative drilling sites and will be investigating these areas more closely in the short-term.
This potential find could come at a perfect time for the UK with North Sea oil reserves under pressure and very few large-scale finds announced for some time. Despite ongoing attempts to reduce the exposure of the worldwide economy and the worldwide population to the ever fluctuating price of oil, we have yet to find any real alternative to the "black gold". When you also consider the amount of tax which the UK government takes directly from fuel sale there is no doubt that a potentially large find in Dorset would prove very useful to UK government coffers.
We will continue to monitor the situation and bring you updates in due course.
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