Yorkshire’s Latest Gas Discovery
The Biggest Onshore Oil & Gas Find In Over 40 years, 25 miles From York
Rathlin Energy has breathed life into Britain’s dwindling energy reserves, by announcing the biggest onshore gas discovery for more than 40 years, just 25 miles away from York, making it Yorkshire’s latest gas discovery.
Its the largest onshore discovery since oil was discovered by British Gas at Bournemouth, Dorset in 1973.
Rathlin Energy states that the discovery being onshore reduces costs of development, which in turn boosts the economics considerably, as is located North East of the Easington Terminal (one of 6 main gas terminals in the UK), and can use the existing infrastructure.
Research shows on average, the UK uses 1.5 million barrels of oil and 7.7 billion cubic feet of gas, daily. Therefore, the latest Yorkshire discovery could ease the UK’s domestic production gap, due to the diminishing North Sea reserves.
The oil and gas industry have analysed that Rathlin Energy’s find could be worth £840 million. This figure is based on Rathlin Energy recovering at least 59 million barrels of oil and 266 billion cubic feet of gas.
The UK exploration activity last year fell to its lowest level since the 1960’s and 50n North Sea oil and gas fields could cease production with in 5 years.