Statoil could be sitting on between 40 million and 150 million recoverable barrels of oil equivalent in the North Sea, the company announced last week. The 40-150 million recoverable barrels estimate is still under a “high degree of uncertainty”, Statoil said, with additional appraisals ongoing to confirm the findings.
While Margaret Thatcher was reforming Britain's economy, new oil discoveries in the North Sea were turning the nation into an energy powerhouse. The surge in resources and employment softened the oil-price shocks of the late 1970s and helped Prime Minister Thatcher pull the country out of economic stagnation.
Recent oil discoveries sound large, Cobb writes, but, when put into the context of how much we consume, they won’t extend the oil age by much. Current oil wells are constantly being depleted.
Globalization uses up finite resources like oil and coal more quickly, Tverberg writes. It also increases carbon dioxide emissions and acts to increase world oil prices, she adds.
Executives from oil giant BP recently descended on Tanzania with a request to pursue natural gas investments and try their luck in a venue that has become one of the biggest gems in the region, Alic writes.
The BP Energy Outlook 2030 is not a statistical or scientific document, Cobb writes, but rather a political one. It is not a statement about the way the world is so much as about the way BP wishes it to be over the next 20 years, he adds.