Drill, Britain, Drill: UK Could Be World’s Next Big Oil Supplier
Great Britain’s oil industry is making a comeback, according to a report published Monday by the Energy Information Administration (EIA).
The country’s oil production increased in 2015 for the first time in a decade and is expected to keep growing. Great Britain is now the second-largest oil producer in Europe last year, after Norway.
An experimental onshore oil well in England struck more oil than it could pump last week. It’s located in an untapped geologic formation which contains an estimated 10 billion barrels of oil, according to a study published in February.
U.K. government data shows the rest of the country has 2.98 billion barrels of proven oil reserves. American horizontal drilling and hydraulic fracturing, or fracking, techniques could allow the U.K. to access even more oil.
Historically, cheap oil has likely slowed the development of the new British energy industry, but the country’s current government seems ready to embrace the industry and has been supportive of fracking.
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