With the announcement this week of Statoil making a massive discovery of between 25 and 130 million barrels of oil on the UK continental shelf, more good news hits the headlines for the oil industry. Oil & Gas UK believe this will lead to further developments and investments into the basin which Chief Executive, Deirdre Michie, believes “…still holds billions of barrels of oil”.
The Norwegian-based broad-energy company which has drilled in the oil business for over 40 years, operates globally in more than 30 countries and has invested in exploration since 2011. Even through tough set-backs with two disappointing wells on the continental shelf, they have persevered to great effect yielding a voluminous amount of oil which is estimated to lift the Moray Firth regions producers out of the slowdown they currently face. In fact, Oil & Gas UK reported last year that the region had lost an estimated 8,000 jobs with a further knock-on of 120,000 industry reliant jobs suffering.
A headline such as this is terrific news for the oil and gas industry, especially after the lacklustre October opening prices of oil following the stellar month of September. With U.S. oil price falling nearly 5% last week thanks to the aftermath of Hurricane Harvey, it may now be time to plan for a UK development in OPEC talks.
A discovery of great magnitude such as this is essential for Britain to remain a global player in oil production. CavMac Hose Manufacturers look forward to seeing more of these promising developments.
Statoil Strikes Black Gold
October 13, 2017 By
