Tag Archives: reserves

Oil and Gas UK 2016 economic report: “a sobering picture”

Guest post by Alan Foum who is a geophysicist with 26 years industry experience with a major operator. He has a BSc in geology from Imperial College London, and an MSc in geophysics from Birmingham University.

The 2016 Oil and Gas UK 2016 economic report is a sobering picture of the current state of Britain’s oil and gas industry. The full report is available here . A distillation and commentary on its key points is posted below. Continue reading

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The Aramco IPO and the Black Art of Estimating Oil Reserves

Saudi Arabia has announced that 5% of state owned Aramco is to be put up for sale perhaps as early as 2018. As part of the process, the country’s oil reserves will be subject to audit by western consultants, presumably to OECD standards. Given that Saudi Arabia has not adjusted oil reserves for production since 1980 there is a widely held view that the official figure of 267 billion barrels is a gross overstatement of reality. The audit will be interesting to say the least, especially since Iraq, Iran, Kuwait and UAE are all guilty of the same malpractice. Deducting the 156 billion barrels produced since 1936 leaves 110 billion bbls remaining. Only time will tell where reality lies. Continue reading

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Maximising Economic Recovery: the Wood Review

The UK is now a net importer of oil and gas and coal with a net cost to UK balance of trade near £22 billion in 2012 (Figure 2). It was against this backdrop that Secretary of State for Energy and Climate Change, Ed Davey, invited Sir Ian Wood to conduct a review of the North Sea oil industry Continue reading

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UK oil and gas reserves

A number of sources (DECC, BP, this report) point to UK proved oil and gas reserves to be of the order 4.5 billion barrels of oil equivalent (boe) at the end of 2012. On current trajectory this will be mainly produced by the end of this decade and the North Sea party will be over. That is unless urgent action is taken to stem the decline…. Continue reading

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