18:35 GMT09 August 2020
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    The estimate of oil reserves recently announced in the south London area is grossly overestimated, Russia's Natural Resources Minister Sergei Donskoi said Monday.

    MOSCOW (Sputnik) On April 9, London-based exploration firm UK Oil & Gas Investments (UKOG) said it discovered an area with around 100 billion barrels of oil about 30 miles from London Gatwick Airport.

    "Perhaps, some experts would prefer to believe it. 100 billion barrels account for about 13.42 billion tons. It is obvious that the data on the oil reserves is overestimated many times," Donskoi posted on his Facebook page.

    UKOG refers to the reserves near London as a "world class potential resource." It is also the deepest deposit found in the region in three decades, according to the company.

    Last year, a report for the government by the British Geological Survey estimated that the local region may have shale oil resources anywhere from 2.2 to 8.5 billion barrels, with a central estimate of 4.4 billion.

    The UK national press has already dubbed the area "Britain's Dallas." Oil industry analysts, however, struck a note of caution as the question of what percentage of this 100 billion barrels of oil reserve could be technically produced remains open.


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