09:05 GMT +322 January 2020
Listen Live
    Europe

    Black Gold Rush: Big Oil Reserves Found Near London Airport

    Europe
    Get short URL
    0 42
    Subscribe

    Underground oil reserves near London’s Gatwick airport in southern England contain an estimated 100 billion barrels, which is twenty times more than previously thought.

    A drilling survey by US oil analysts Nutech Ltd estimated the 55-square-mile Horse Hill-1 site, part of the Weald Basin oil field, contains some 158 million barrels per square mile, media reported Thursday.

    The whole Weald Basin is thought to contain up to 100 billion barrels of oil.

    The figure dwarfs the British Geological Survey’s original estimate of just about 4.4 billion barrels of crude.

    The new survey showed the area potentially contained a "world class" resource with "significant daily oil production," adding that between 3 and 15 per cent of the reserves were recoverable.

    Experts believe the oil could be successfully extracted using conventional horizontal drilling techniques," downplaying the possible use of fracking.

    Related:

    Britain Set to Wade Into North Sea Oil Deal Over Russia Sanctions
    Tags:
    deposit, oil, British Geological Survey, United Kingdom
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik