There were rumors that crude reserves offshore Norway would deplete and consequently the Brent will eventually fade from the market. But geology is not confirming the scarcity news. On the contrary. Statoil announced that a newly discovered oil field measures gigantic proportions - somewhere between 500 million and 1.2 billion recoverable barrel field. A more precise estimate is expected and that may bring even better news about the oil reserves under the North Sea.
Some, such as Lundin Petroleum, declares "that Avaldsnes/Aldous Major South, which could already be the biggest oil find made so far this year, may hold 1.2 billion to 2.6 billion barrels of oil equivalent."
During the 1970s, when the Norwegian oil era began, two original oil fields, the Statfjord and Ekofisk, comprised each over 3 billion barrels of crude.
When we move westwards, we find the Buzzard, which is the largest British oilfield, discovered ten years ago and having a 500 million barrels equivalent reserve. "BP's current news has just announced it will be developing off the west of Shetland the 640 million-barrel Clair Ridge oil field."
Eventually, after the production peak of 2001, the North Sea crude extraction will shortly climb back towards another peak. Actually, oil peaks may be look at as nothing more than a syncope or breaks in the process of exploration and discovery. As it proves, again and again, the deposits of oil will not deplete anytime soon.
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