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UK Oil Reserves – Dwindling!

Scientists at Edinburgh University have been studying the output of offshore fields, and the results for UK Oil Reserves are not great. They have estimated that only around 10% of recoverable oil remains. So, you would think fracking may be an option? But the study also found that fracking would be “barely economically feasible.

 

 “The UK urgently needs a bold energy transition plan, instead of trusting to dwindling fossil fuel reserves and possible fracking.”

-Professor Roy Thompson

 

The study confirmed that the discovery of new oil fields has consistently fallen behind outputs since 1990, prompting them to conclude that the UK oil reserves would run out within a decade. This will leave the UK relying on imports to fuel our market.

The Edinburgh Geological Society said of these findings that it showed the ever-increasing need to move towards renewable energy for the future.

 

“There needs to be greater emphasis on renewables, energy storage and improved insulation and energy efficiencies.”

-Professor Roy Thompson

 

The UK isn’t performing well in renewables, with findings from the Department for Business Energy and Industrial Strategy that only 22.3% of our energy is coming from green energy. This number, however, is increasing every year, but with growing concerns in the oil and gas market, we need to work on these numbers. There is one thing for sure in the UK, the wind will never run out.

Black Sheep Utilities provides a full energy comparison service, so whether you are looking to make the switch to Green Energy or need an Electric vehicle charging point give us a call on 01273 914000 or book a callback appointment with one of the team.