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Scotland-based global drilling experts Merlin ERD commissioned to explore North Sea potential
Category: People
Duration: 00:00:48
Description:
Duration: 00:00:48
Description:
• World leaders called in to prepare North Sea study
• Scottish study will explore Extended Reach Drilling options for North Sea
• Act now or lose trillions of pounds worth of oil, warns expert
• State-of-the-art technology exists to extend life of existing platforms
One of the world’s leading well engineering experts has been commissioned to lead a study into maximising the economic recovery of the North Sea oil industry.
Perth-based Merlin ERD Ltd has been tasked by the Government to explore the potential of untapped oil and gas reservoirs in UK waters - a move which experts claim could lead to the exploitation of tens of billions of pounds worth of latent resources. And the Scot heading the study has warned that time is running out to recover North Sea oil reservoirs - before they are lost forever.
Here Iain Hutchison, Engineering Director, talks about the commission.
• Scottish study will explore Extended Reach Drilling options for North Sea
• Act now or lose trillions of pounds worth of oil, warns expert
• State-of-the-art technology exists to extend life of existing platforms
One of the world’s leading well engineering experts has been commissioned to lead a study into maximising the economic recovery of the North Sea oil industry.
Perth-based Merlin ERD Ltd has been tasked by the Government to explore the potential of untapped oil and gas reservoirs in UK waters - a move which experts claim could lead to the exploitation of tens of billions of pounds worth of latent resources. And the Scot heading the study has warned that time is running out to recover North Sea oil reservoirs - before they are lost forever.
Here Iain Hutchison, Engineering Director, talks about the commission.
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As Merlin Erd say, there are currently between 12 and 20 billion barrels of oil identified for extraction in the North Sea but they believe that another 10 billion barrels could be extracted - 30 billion in total.
None of this includes the Western Atlantic Margin, which some say is absolutely massive. 30 billion barrels is worth well over 1.5 trillion at today's prices and double that when the value of oil reverts back to it's previous values.