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Because of all those highly educated swampies who seem to think that foreign supply doesn't damage the environment.
Only homegrown resources.
Who, incidentally, have contributed to a growing population, which is the real global environmental problem.
It is not as if buying our gas aboard is doing nothing for global warning either. if we are using it then why not from home and from where the price cannot be manipulated to make a political point against us
You sound jealous Qwerty.
But no, I'm not ready to hang up my boots yet, even after over 30 yrs in the oil patch....
So many experts- so many have got it wrong - but I assume that these people, (Google search, to get any Information) helps UKOG - it’s just a game with some on here to make us believe that they are so knowledgeable. It’s all bull**** - just a game of ego amongst people who have way to much time on their hands during their (what appears to me) a very waste of time of enjoyment your retirement years ?
As has been pointed out it hasn't been tested whether or not fraccing the Bowland shale for gas will work, nor the Kimmeridge for oil. It's up to the government to allow fraccing, perhaps there will be less support for protesting now enabling a change? As for UKOG - Loxley, if successful, and HH are insignificant in terms of UK consumption, though perhaps critical to UKOG.
But it's a global problem with global pricing. The UK would save on balance of payments, make some tax but unless the government took control of pricing and stopped exports of oil world pricing would dictate domestic pricing. Not sure UK onshore production would ever be significant enough to impact world pricing.
But no company is voluntarily going to sell it's gas or oil cheaply in the UK if the global price is high, the shareholders would be up in arms - btw there's already oil and gas produced in the UK in fairly large quantities, haven't noticed the producers being noble and selling it cheaply to consumers.
Of course the BPs and Shells etc., best placed to fund exploration and new developments, may be very happy that oil and gas they are currently producing, with no risky and costly exploration with delay to revenue if successful, is reaping good rewards - helping fund their move to a supposed greener future. Domestically I would expect permissions for large projects, if put forward, will be easier to get approved in the UK while prices remain high.
I fear we are all going to pay dearly for the under-investment in fossil fuels - in the case of oil, it leaves the market very vulnerable to spikes caused by "unexpected" events (which can't be anticipated, but can be expected!).
Ocelot,
It was the price crash in 2015/6 that we are really suffering the effects of now.
Over $1 Trillion of development projects were cancelled or delayed indefinitely, so production was not being replaced.
Many NS Filed were operating at a loss during this period - something that those calling for a windfall tax conveniently forget.
OPEC and its allies are increasing oil production but can’t solve all the sector’s issues alone, the United Arab Emirates’ energy minister said.
The industry needs investment, through the involvement of international oil companies, in order to provide adequate supplies, Suhail Al-Mazrouei said, according to the UAE’s state-run WAM news agency. Failure to provide sufficient capital may lead to future price hikes, he warned ...
A large contributor to the rally has been the failure of many OPEC+ nations to restore output halted during the pandemic, as they contend with depressed spending of their own. The group added only 60% of its mandated output boost last month, according to the International Energy Agency. But diminished spending has also been an issue for the global industry, as a result of the 2020 price collapse and as investors divert cash away from fossil fuels. (Bloomberg)
... “Commercial oil inventories are low, oil demand could potentially rise to record levels this year, and spare production capacity is expected to fall to multiyear lows,” said Giovanni Staunovo, commodity analyst at UBS Group AG. “The market will be sensitive to any news of potential supply disruptions.” ...
The IEA’s report said global oil inventories have plunged over the last 12 months. Stockpiles are down by more than a billion barrels since the peak of May 2020 and are well below pre-pandemic levels, the report said ...
Oil climbed to the highest since October 2014 as the International Energy Agency said the market looked tighter than previously thought, with demand proving resilient to omicron.
The global supply surplus is shrinking and oil demand is on track to hit pre-pandemic levels, according to a report from the IEA. The agency also said there’s a growing gap between changes in global stockpiles and supply-demand balances. That’s a further indication that production could be lower, or consumption could be higher, than the market estimates, it said ... (Bloomberg)
In the Pazarcik district of Kahramanmaras, an explosion occurred at the 511th kilometer of the Iraq-Turkey Crude Oil Pipeline belonging to BOTAS, around 19.30 on 18 January 2022, the cause of which has not yet been determined. While there was no loss of life in the explosion, it was noted that the valves controlling the pipeline were closed and the works to extinguish the fire that started after the explosion were started.
After the explosion in the part of the pipeline passing through the Narli District of Pazarcik district, many fire extinguishers were sent to the region.
NO LOSS OF LIVES
Kahramanmaras Governor Ömer Faruk Coskun noted that as a result of an explosion, the cause of which has not yet been determined, a fire started in and around the pipeline and an investigation was launched into the incident. Governor Coskun said, “The cause of the explosion is not yet clear. The oil flow has been cut off. Firefighting continues. The effect of the fire began to wane. Since there is oil in the pipe, the fire continues in a controlled manner. At the moment, there is no risk related to settlements and thankfully there is no loss of life. Hopefully, our crews will put out the fire in a short time. We continue to work on this," he said.
Pazarcik Municipality also carried out studies to prevent the fire from reaching the settlements.
Pipelines Petrol Transport AS (BOTAS) published a statement about the explosion later in the night; announced that within the framework of safety measures, the valves were closed immediately and the oil flow was stopped as soon as possible. Then, BOTAS Emergency Response Teams, Kahramanmaras Metropolitan Municipality, Gaziantep Metropolitan Municipality, Kahramanmaras Regional Directorate of Forestry fire departments and security units responded to the fire. As a result of the work, the fire was completely extinguished.
In the statement of BOTAS, it was stated that the oil pipeline will be commissioned as soon as possible after the necessary measures are taken. The Iraq-Turkey Crude Oil Pipeline carries approximately 450 thousand barrels of crude oil per day to the Ceyhan Terminal in Iskenderun, unless there is a special case.
Look to the right of the white flash......can you see the face of the avenging angel
SE Turkey, but how close?
https://www.dailysabah.com/business/energy/turkeys-botas-halts-flow-after-explosion-at-kirkuk-ceyhan-oil-pipeline