Swedish oil firm confirms massive North Sea find
Published: 30 Sep 11 12:53 CET | Print version
Online: http://www.thelocal.se/36460/20110930/
Swedish oil firm Lundin Petrolium has confirmed the discovery of a massive oil reserve in the Norwegian North Atlantic, that the firm says could contain up to 1.8 billion barrels of recoverable oil.
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“The discovery is likely to be one of the largest five discoveries on the Norwegian Continental shelf and certainly the largest since the mid 80's and highlights the continued prospectivity of what many viewed as a mature region with limited remaining potential,” CEO Ashley Heppenstall said in a statement.
After breaking the news of the new estimates, Lundin Petroleum skyrocketed on the Stockholm stock market, rising more than 25 percent by lunchtime on Friday.
The find is also a great success for Swedish Statoil Petroleum AS who is a partner of Lundin Petrolium with a 40 percent interest in the license. Maersk Oil Norway AS holds the remaining 20 percent.
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You are fools to believe Solar and Windpower will replace oil, it is impossible!
This is more proof along with the large field off Brazil that Oil is not running out and supply will not disappear any time in the near future. Oil is the best most efficient source of portable fuel on the planet.
No one says that oil is "running out", the issue is the speed at which we're finding new supplies vs the speed at which we consume existing ones. The latter is much higher than the former, and a 1.8 billion barrel find is not going to change that...
1.8 billion barrels is what the world consumes in 22.5 days... do you see a news article like this one every three weeks? No...
Of course the carbon emission issue is another whole question- if this is driving life- threatening climate change then for that reason we shouldn't drill at all. I think though we'll find that far greater carbon emission is coming from poor management of soils and the cycle can be reversed by Allan Savory's holistic planned grazing. http://www.savoryinstitute.com/