Friday, April 10, 2015

Oil field near Gatwick Airport could hold 100-billion barrels


#HorseHill #oil #fracking #Gatwickoil #UKOG The oil find near Gatwick Airport has been upgraded to 100 billion barrels by a company that is backing exploration of the area. As reported by UK Oil & Gas Investments (UKOG), the Horse Hill-1 well in the Weald Basin is now believed to be holding 158 million barrels per square mile. It may be recalled that earlier, in May 2014, the British Geological Survey had made an estimate that the Weald Basin could hold around 4.4 billion barrels of shale oil.
In the opinion of UKOG, the find at Gatwick Airport could be categorized as a possible "world class" resource with the potential for "significant daily oil production."
This has been revealed in news.sky.com dated 9 April 2015.
The US-based firm that had carried out study of the reservoir has estimated that recovery of the oil would be limited at between 3% and 15% of the total. On the plus side, there would not be any need to go in for the controversial extraction process, or fracking, to get access to the oil.
Of course, there is criticism from local campaigners who feel that it may not be feasible to eliminate fracking which may be necessary at some point in the future.
In the opinion of anti-fracking campaigner Charles Metcalfe, the South East of England is the most densely populated corner of England and, once holes are drilled all over the place those will completely change the nature of the countryside permanently. Ultimately, if the amount of oil extracted was not very much oil, then it would be a waste.

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