One billion barrels of oil found off the south-west coast

(13 Nov 2012)

In todays Irish independent it is reported that the value of exploration company Petrel Resources quadrupled after it said it had found as much as one billion barrels of oil off the south-west coast..

The vast reserves are in the so-called South Porcupine basin, which is a huge area off the coast of Kerry.

Petrel believes new computer analysis shows several oil fields on top of one another.

This would make it relatively easy to extract any oil because a single well could suck up oil from many fields.

The snag for Petrel is that any oil is 200km from the coast and lies beneath 1km of water and 3km of rock.

The oil industry is changing quickly as new techniques and high prices allow companies to extract oil from areas that were once believed to be too difficult to drill.

The International Energy Agency said it expects the United States to become the world’s largest oil producer by around 2020, temporarily overtaking Saudi Arabia, thanks to these techniques.

Irish Independent

http://www.independent.ie/business/irish/one-billion-barrels-of-oil-found-off-the-southwest-coast-3291870.html

 

 

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