8,349 Active Recruiters     Over 2 Million Candidates Globally

Advanced
  1. Keep me logged in
  2. forgot password
cancel

Checkout Jobs Basket (0)

You can checkout a maximum of 150 jobs.

Signup Better for Candidates

  • Create a free virtual CV and let recruiters find you
  • Automatically have your profile matched to suitable Oil & Gas positions
  • Link to your profile using it as a free online CV
  • Store all your employment documents to your profile for easy sending
  • Always receive feedback on positions applied for

Signup Better for Recruiters

  • Suitable candidates automatically matched to your position
  • View candidate profiles for free
  • No more waiting for candidates to respond to job advertisements
  • Only ever pay when you match a candidate to a position
  • No more cold calling and sorting through out dated CVs

New Licensing Round West of Scotland to Open Up Supermassive Oil Fields Where 100 Years of Oil Predicted

Published in Oil Industry News on Monday, 18 March 2019


Graphic for News Item: New Licensing Round West of Scotland to Open Up Supermassive Oil Fields Where 100 Years of Oil Predicted

It has been revealed today that plans are in place for a joint licensing round to be launched between the Faroe Islands and the UK North Sea.

The “ground-breaking” collaboration would see blocks come available for exploration in waters on the UK Atlantic Margin, between west of Shetland and the Faroes.

It would see the fifth Faroese Licensing Round take place alongside the UK’s 32nd round, due to begin in June and close in November.

The Faroes Oil Industry Group said it will create a “whole new expanded oil province which subsumes and supersedes West of Shetland”.

In 2014 Oil and Gas People conducted a study into the potential the Atlantic Margin holds for Oil Discoveries. Our investigation included interviews with industry experts and collated seismic and expert evidence from a range of independent sources such as the British Geological Survey, DECC (the regulator at the time), oil and gas companies, the Institute of Petroleum Engineering and the Energy Institute.


The 2014 report revealed that reserves of oil and gas could be underestimated by 100% and that the West Coast alone could provide oil and gas for over 100 years.

The report concluded that the area had remained largley untapped due to deep waters and difficult geological conditions. It also concluded that their was strong geological evidence for oil and gas reserves, including that the major basins in the area are filled with thick sedimentary successions – which helps produce and then reservoir oil and gas. These geological conditions support the formation of gigantic, or ‘supermassive’ oil reserves.

Our investigation predicted that oil exploration, discoveries and production in the area would dramatically increase over the next ten years as continual improvements in drilling technology, rig design and seismic surveying makes the area more accessible.

The news comes amid increased interest from the likes of BP, Shell, Total and Equinor in the west of Shetland region.

The plans have been laid before the Faroese Parliament by Poul Michelsen, the Minister of Foreign Affairs and Trade.

The Faroese government gave a wide estimate of between 100million and 10billion barrels of potential recoverable oil being present on the Faroese Continental Shelf.

As part of the initiative, the government intends to remove a two percent royalty provision for licensees.

Sept 2014 Article: Scottish West Coast Untapped Oil and Gas Reserves Worth Trillions


Join the Conversation on Facebook





Tags

Atlantic Margin, Oil and Gas, West of Scotland, Oil Exploration








Oil and Gas News Archive


Latest Oil & Gas News Articles







Featured Companies

  • View All JobsNOVATEK

    NOVATEK is one of the largest independent natural gas producers in Russia.

    Engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons, NOVATEK have 20 years of operational experience in the Russian oil and natural gas sector.

    Visit us online: www.novatek.ru/en/

  • View All JobsChronos Oil and Gas

    Chronos Oil and Gas is one of the fastest growing and best placed recruitment agencies in the sector.

    With over 300,000 candidates on our database and an international team of specialist recruiters we work with clients to staff major projects around the world.

    Register your CV at www.chronosoilandgas.com

  • View All JobsNatural Resources

    Natural Resources is a UK based recruitment company providing personnel of all disciplines and nationalities worldwide.

    We represent clients and candidates at all levels who operate globally within oil & gas, renewables, nuclear, power, mining, marine, drilling, construction and petrochemicals. Our client base includes energy and construction.

    Visit Natural Resources at natural-resources.com