West Sussex Oil Reserve Found In UK

By on April 17, 2015
West Sussex Oil

West Sussex Oil

West Sussex Oil Reserve Found In UK

This week UK Oil & Gas Investments claims to have discovered a world class oil reserve in West Sussex.  The West Sussex Oil reserve will turn heads towards Europe as the latest source of the fossil fuel.

 

158 Million Barrels of Oil

The new oil discovery potentially holds 158 million barrels of oil per square mile on the company’s 55 square mile lot located in the Weald Basin region of the UK. That’s about 8.6 billion barrels of oil hiding underneath British soil. That’s also about 1/5 of what has pumped out of the North Sea over the past four decades.

 

$500 Billion Reserve

With the current oil prices sitting around $52/barrel, the West Sussex discovery appraises at about $500billion. However, this lucrative oil stash may not be entirely accessible. Low oil costs and rising concern from environmental groups may keep UK Oil & Gas Investments from making any sudden decisions.

 

Waiting to Drill

According to global commodities expert Mike Jakeman, Oil’s recent price drop means that only the cheapest and most efficient fields are being drilled. For now, we must wait for further analysis to discover the commercial viability of the UK’s huge fossil fuel reserve.

 

We do know that the find has “the potential for significant daily oil production.” Until then, we’ll just have to watch Britain’s political landscape deal with the lucrative and controversial discovery.