World Bulletin / News Desk
An oil find that could account for 10 percent to 30 percent of the U.K..'s oil demand has been found in the green West Sussex hills around Gatwick airport, exploration firm U.K. Oil & Gas Investments announced Thursday.
But experts warned that recovering the oil would be difficult, particularly as the current low oil price makes extraction expensive.
A total of 158 million barrels of oil per square mile, more than previously forecast, have been found at the site, at UKOG's Horse Hill-1 well in the northern part of the basin, according to U.S.-based hydrocarbon analysis and reservoir intelligence company Nutech which did the exploration.
New technology, equipment and techniques have allowed for a better understanding of the area's oil resources resulting in a changed understanding of the well's potential, commented UKOG CEO Stephen Sanderson.
"As a result, we believe the Horse Hill well has discovered a possible world class potential resource in what is interpreted to be a new Upper Jurassic hybrid play," Sanderson added.
"These reservoirs can be successfully produced using conventional horizontal drilling and completion techniques," he said.
Licensing in the Horse Hill region covers 55 square miles of the Weald Basin in southern England in which UKOG has a 20.3 percent interest, and is forecast to have about 100 billion barrels.
Sanderson said he believed between 5 percent and 15 percent could be recovered, meaning that by 2030 the Weald area could contribute between 10 and 30 percent of the country's oil needs, he said.
"Daily oil production is expected, according to preliminary results, though further detection is required," he concluded.Last Mod: 09 Nisan 2015, 17:15