Oil discovery near Gatwick airport 'significant'

Irn Bru wrote:There could be up to 100 billion barrels of oil onshore beneath the South of England, says exploration firm UK Oil & Gas Investments (UKOG).

Last year, the firm drilled a well at Horse Hill, near Gatwick airport, and analysis of that well suggests the local area could hold 158 million barrels of oil per square mile.

But only a fraction of the 100 billion total would be recovered, UKOG admits.

The North Sea has produced about 45 billion barrels in 40 years.

"We think we've found a very significant discovery here, probably the largest [onshore in the UK] in the last 30 years, and we think it has national significance," Stephen Sanderson, UKOG's chief executive told the BBC.

UKOG says that the majority of the oil lies within the Upper Jurassic Kimmeridge formation at a depth of between 2,500ft (762m) and 3,000ft (914m).

http://www.bbc.co.uk/news/business-32229203

This could be great news for our Union and bring prosperity for us all.

Original Quill wrote:While you guys discuss the geopolitical merits of this, let me digress to give some advice to the property owners.  Check your deeds.  If you don't own the subterranean mineral rights you are in for a shock.

You could have a £2-million home and drillers can come in and sink wells right in the middle or that lovely petunia bed in the front yard.

Ok, time back in.

Original Quill wrote:Oh joy...now south London will be just like south Los Angeles...

Fuzzy Zack wrote:

Original Quill wrote:While you guys discuss the geopolitical merits of this, let me digress to give some advice to the property owners.  Check your deeds.  If you don't own the subterranean mineral rights you are in for a shock.

You could have a £2-million home and drillers can come in and sink wells right in the middle or that lovely petunia bed in the front yard.

Ok, time back in.

All valuable minerals (oil, gas, coal) and precious metals belong to the Crown.

Shady wrote:

Original Quill wrote:Oh joy...now south London will be just like south Los Angeles...

Good afternoon Quill.

I like that view.

WSJ wrote:Exxon CEO Comes Out Against Fracking Project Because It Will Affect His Property Values

As ExxonMobil’s CEO, it’s Rex Tillerson’s job to promote the hydraulic fracturing enabling the recent oil and gas boom, and fight regulatory oversight. The oil company is the biggest natural gas producer in the U.S., relying on the controversial drilling technology to extract it.

The exception is when Tillerson’s $5 million property value might be harmed. Tillerson has joined a lawsuit that cites fracking’s consequences in order to block the construction of a 160-foot water tower next to his and his wife’s Texas home.

The Wall Street Journal reports the tower would supply water to a nearby fracking site, and the plaintiffs argue the project would cause too much noise and traffic from hauling the water from the tower to the drilling site.

Original Quill wrote:

Shady wrote:

Good afternoon Quill.

I like that view.

Everyone likes generating wealth.  Just not in our Beverly Hills or Atherton or Southlake, Texas.  Eg, recently Ben and I were discussing this:

WSJ wrote:Exxon CEO Comes Out Against Fracking Project Because It Will Affect His Property Values

As ExxonMobil’s CEO, it’s Rex Tillerson’s job to promote the hydraulic fracturing enabling the recent oil and gas boom, and fight regulatory oversight. The oil company is the biggest natural gas producer in the U.S., relying on the controversial drilling technology to extract it.

The exception is when Tillerson’s $5 million property value might be harmed. Tillerson has joined a lawsuit that cites fracking’s consequences in order to block the construction of a 160-foot water tower next to his and his wife’s Texas home.

The Wall Street Journal reports the tower would supply water to a nearby fracking site, and the plaintiffs argue the project would cause too much noise and traffic from hauling the water from the tower to the drilling site.

Fuzzy Zack wrote:

Original Quill wrote:
While you guys discuss the geopolitical merits of this, let me digress to give some advice to the property owners.  Check your deeds.  If you don't own the subterranean mineral rights you are in for a shock.

You could have a £2-million home and drillers can come in and sink wells right in the middle or that lovely petunia bed in the front yard.

Ok, time back in.

All valuable minerals (oil, gas, coal) and precious metals belong to the Crown.