Tuesday, September 19, 2017

It's Going ...going...gone

A study has revealed UK oil and gas reserves may only last another decade, with close to just 10 per cent of recoverable oil and gas left. If the predictions are correct, the UK will soon have to import all the oil and gas it needs.

Scientists from the University of Edinburgh examined the UK’s likely potential for fracking and carried out a fresh analysis of the country’s oil and gas production. Their findings take into account the long-term downward trends of oil and gas field size and lifespan, alongside the break-even costs for fracking.

They found that the UK only has minimal potential for fracking. They explained that many possible sites are in densely populated areas, have “low quality source rocks” and “complex geological histories.” Scientists say: “Fracking is likely to be too restricted to become an effective industry, which would require thousands of wells.” Analysis of the Earth’s mineral reserves shows that discoveries of oil and gas have consistently lagged behind output since the late 1990s.

It predicts that most of Scotland’s oil and gas shales will be difficult to reach and will “barely correspond to even the poorest US-producing regions”. “All in all, Scottish shales may well have a success factor of zero,” says the study, published in the Edinburgh Geologist by the Edinburgh Geological Society.

Researchers are calling for a move towards greater use of renewable energy sources, including offshore wind and advanced solar energy.



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