Approximately 27 billion barrels of oil has been extracted from the UK North Sea. Some claim there are 14 billion barrels remaining to be exploited, but of those, nearly 6 billion barrels are classified as “Yet to Find”. Recently, we’ve been finding them in 10 to 15 million barrel increments, suggesting it might take some 38 years to find them all, by which time the North Sea’s infrastructure will be well and truly rusted away. How might we speed up the rate of new discoveries through the application of new technologies, and perhaps more importantly, by going back to basics and doing better geology?
Phil Richards worked as BGS Regional Hydrocarbons Manager, and has over 30 years of world-wide experience of oil exploration experience, specialising in creating the technical conditions necessary for inward investment in hydrocarbon exploration in developing basins. He has published over 50 papers on geology relating to oil and gas exploration.