Gushing Gatwick 'can supply 25% of UK's oil'Comments Off on Gushing Gatwick 'can supply 25% of UK's oil'
The Gatwick Gusher and associated oil reserves in the Weald Basin could account for more than quarter of the UK’s daily oil needs, respected professional services firm EY has said.
Based on recent test drillings by UK Oil & Gas, EY has come up with a broad spread for the potential economic impact of the finds.
EY said the Kimmeridge limestone in the Basin “has the potential to generate significant economic value to the UK economy, partially offset the decline in oil production from UK fields, support employment, and generate significant tax benefits to the exchequer”.
Among its projections were that it could produce between 4% and 27% of the UK’s daily oil demand.
It could add £7.1 billion to £52.6 billion to the UK economy, create between 1000 and 5600 jobs and contribute £2.1 billion to £18.1 billion in taxes.
EY said: “Conceptual studies and oil-in-place estimates previously conducted suggest a significant opportunity for the UK to secure a proportion of its energy from the Weald Basin.”
UK Oil & Gas today also bought out one of the minority investors in Horse Hill, the Gatwick prospect. It is paying £1.8 million for Angus Energy’s 7.8% stake, lifting its stake to 27.3%.