UK ELECTION: HOW THE WEALD BASIN OIL FIND CHANGES THE ENTIRE GAME…& WHY THE TORIES ARE KEEPING QUIET ABOUT IT

Fallonoilpt

The latest UKOG survey in the Weald shows that Britain is going to be self-sufficient in oil until the 22nd century. But Energy Minister Michael Fallon and the Conservative bigwigs aren’t talking about it. The Slog suggests why.

I spotted this piece at an oil investment site yesterday. The main media beyond the Mirror and the BBC largely ignored it, but they shouldn’t:

oilfindukThe find is in the Weald basin near Gatwick Airport. This is nothing new: the find’s been talked about for three years or so. But just under a year ago, the British Geological Study ruled out the chances of extracting any more than “a few million barrels”. It was also claimed at the time that all of it would need to be fracked out. Not a good idea.

But six days ago, that all changed when UK Oil and Gas Investments (UKOG) concluded – following 3,000 feet of exploratory drilling at Wytch Farm in the Weald Basin – that the discovery was “a world-class potential resource.”

That’s an understatement.

It’s up there with the total oil reserves of Kuwait – more than 100 billion barrels of oil.

From North Sea finds, Britain has produced 42bn barrels in the past 40 years. This discovery will, effectively, make Britain self-sufficient in energy….and according to author Andy Tully, it will be “easier to work and reach than the North Sea finds”.

Before we get over-excited, the find is not pure liquid oil: some of it sits embedded in the basin’s rock, and so the yield may only be around 10% of the total down there. But two points seem to have been missed by the mainstream media.

1. Even at 10% yield, that’s around 10 billion barrels – five times bigger than the entire North Sea supply.

2. To extract that amount would require no fracking whatsoever in the process…or indeed anywhere else in the UK. The find has been ‘naturally’ fracked by subterranean movement over millions of years.

In short, the survey before drilling from last year was wrong.

First and foremost, this is an economic and fiscal game-changer for Britain. But in the short term, the electoral ramifications are immense. At a stroke, the new conclusions wipe out:

1. The case for fracking….which was always weak; and

2. The policy of austerity in the context of a huge reduction in Britain’s debt and deficits in the future. At current usage levels, the Weald Basin well would last 150 years minimum.

Eighteen months ago, the Coalition was accused of “bigging up” the find….and as the Energy Minister is none other than Michael Libor-Fallon, one can understand the healthy scepticism. Then the British Geological Survey (BGS) produced conclusions that seemed to confirm the doubts about Mr Liar-Fallon’s command of the verité….and the Energy Secretary was suitably concerned to say the find still made fracking worth the effort.

Now the new report – infinitely more empirical and field-data based – says the potential is massive. The source is UKOG…an outfit that wants to make oil exploration seem eco-friendly in the British context: but drilling is drilling. You’d expect Fallon, Cameron and Osborne to be dancing on the tables.

But just over three weeks from now, there is a General Election. Were the find to be analysed and discussed in the media to a proper extent, there is no question it would swing opinion more behind Labour’s promises than Tory austerity and last-minute bribes. And UKip would have a stronger case for saying that the UK does not need the EU. And Alex Salmond would have a stronger case for arguing that England doesn’t need Scottish oil any longer.

Also of course – the Conservative Party having been hijacked by crooks and neoliberal fanatics over the last ten years – they would much rather carve up the find between themselves and their multinational mates than put the income to much better and broader social use.

So ironically, the fact that Britain is about to get a huge income boost is a vote-loser for the Government. Hence the odd reticence in talking about it.

Hands up all those who think the Ed Miller Band or the UKippers are smart enough to spot this?

Yesterday at The Slog: How Camerlot made up its own rules…and then broke them

32 thoughts on “UK ELECTION: HOW THE WEALD BASIN OIL FIND CHANGES THE ENTIRE GAME…& WHY THE TORIES ARE KEEPING QUIET ABOUT IT

  1. It’s a not so piddling 42 BILLION barrels from the North Sea and this story has been all over the msn i’ve been reading.

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  2. [From North Sea finds, Britain has produced a comparatively piddling 42 million barrels in the past 40 years. This discovery will, effectively, make Britain self-sufficient in energy….and according to author Andy Tully, it will be “easier to work and reach than the North Sea finds”.]
    [1. Even at 10% yield, that’s around 5 billion barrels – ten times bigger than the entire North Sea supply.]

    I should like to think that first, they would reduce the National debt by a significant amount. Before moving onto tax cuts.
    But I think it will follow the North Sea oil boom, the revenue from this, plus the Privatisation sell offs were used to break the unions, pay for mass unemployment and put the common people back in our place.

    But I think it will be used to transfer wealth to a select few. The EU will claim a bigger contribution to the un-audited EU Budget.
    As for fixing the roof while the sun shines, The Tory complaint about Labour, this won’t happen.

    ]Hands up all those who think the Ed Miller Band or the UKippers are smart enough to spot this?]

    As for the above, I think they have already spotted it, but as they all feed from the same trough. The end result will be the same. Screw the electorate in favour of Corporate Britain.

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  3. JW you are missing the Elephant in the Room, Climate Change and the orders from Big Barry that we must kill the carbon producing monster in order to quell the rise of the East.

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  4. Small correction John. “Even at 10% yield, that’s around 5 billion barrels” should be: Even at 10% yield, that’s around 10 billion barrels.

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  5. ‘I think they have already spotted it, but as they all feed from the same trough. The end result will be the same. Screw the electorate in favour of Corporate Britain.’
    I would concur entirely. We, the people will not benefit much from this, that we can be sure of. I would imagine that the Sprouts have their eye on the ball with this and are already making plans about what they are going to spend it on.

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  6. If this is as remarkable as it might appear, now is the time more than ever, that we need honest politicians that put the majority of the people’s needs at heart first. The current shower are just going to enrich themselves and their corporate friends, we, the people will not benefit much at all.
    Interestingly, will it drive house prices up, or down in the South of England?
    Will Scotland get it’s independence now?

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  7. No
    the original one has, but I’m talking about GOVERNMENT silence. The million thing is in the original article.

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  8. Shortly after I posted, UKOG issued a statement “clarifying” their previous statement and downplaying the potential. I’m going to blog later on why and how that happened.

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  9. The lone female protester has my admiration. ‘End ECB dictatorship’ The look on the vamps face was a joy to behold!

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  10. Wytch Farm is in Dorset and has been producing nigh on 30 years, with wells drilled horizontally by Deutag Drilling, out towards the Isle of Wight Channel. This is a mature field, unlike Gatwick area, still to be exploited.

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  11. IATL
    You are right. For some strange reason simple arithmetic seems elusive when folk talk about Crude Oil, in terms of extraction and Global usage.?
    Even if 5 billion were extractable, (and I doubt it), much of it would be sold for profit, not used here in the UK. And the world uses roughly 80 Million barrels **Per Day**.
    So that (potential) 5 billion (extracted) / 80 Million per day(Usage), would give the planet,… 62 and a half days worth of happy motoring.
    Makes you think?

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  12. first there is every reason to assume that 20 percent is extractable without fracking and if the UK uses ( total) 1.5 million barrels per day then that is 40 years of the total national usage just from this field alone. Second what the oil companies HAVE been keeping under their hats so to speak is that the planetary potential undersea fields are HUGE hundreds of times this amount from deep drilled offshore wells. Third the next largest( after transportation) domestic use world wide of carbon based fuels is home heating which can be drastically reduced with better insulation(halving current heat requirement) and more efficient central heating ( 95% verse current average of 70 %) When you throw in thorium based Nuclear power low emissions ( scrubbed) coal firing power plants, tidal power plants and individual roof top solar power YOU BEGIN TO SEE THAT THE SO CALLED ENERGY CRISIS IS JUST ANOTHER SCAM BY THE SUPER RICH TO SEIZE MORE OF THE WORLDS ASSETS by lying about the real situation. Tthe more things change . . .

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  13. Several years ago they drilled about 20 miles east, near Wadhurst and found not enough to carry on. Maybe it is all a smokescreen to deflect away from the fact that the UK is economically and morally bankrupt.

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  14. Pingback: John Ward – UK Election : How The Weald Basin Oil Find Changes The Entire Game…& Why The Tories Are Keeping Quiet About It – 16 April 2015 | Lucas 2012 Infos

  15. What about wind and wave power,or do we wave bye ,bye to power of any sort by keeping Westminster.
    Ma heed is nippin at the the thought of Cameron and co.STATESMAN OF THE PIG STY.
    WIND UP.

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  16. I lived near Gatwick throughout the 1960s , there was a great deal of oil prospecting going on in the area at that time. I wonder how ‘new’ this discovery is.

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  17. Pingback: UK ELECTION: HOW THE WEALD BASIN OIL FIND CHANGES THE ENTIRE GAME…& WHY THE TORIES ARE KEEPING QUIET ABOUT IT | Daily Patriot News

  18. This looks nothing but good for the uk and might also lower the importance of the middle east oil for the time being worldwide.Lets hope modern technology can delivery this resource to our nation.I for one am glad to have invested UKOG who now have capital to conduct necessary flow tests that will give a more complete survey of the weald basin oil and the profitability in its extraction.
    As the companies name suggests it could be a find to benefit the whole nation.

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