Sir Ian Wood debunked by the people who know best - Oil billionaire Wood has claimed the figure of 24 billion barrels is 45-60% too high and no more than 35 years of oil and gas production remain, without any major discoveries. But industry body Oil & Gas UK, which made the estimate and remains neutral in the referendum debate, said it stood by its prediction. The figure of 24 billion has been backed by leading oil economist Professor Alex Kemp, who told the Sunday Herald he believes the longer-term prospects are better than Wood suggested. A statement issued by Oil & Gas UK, which describes itself as the voice of the offshore industry, said: We note Sir Ian Woods view that between 15-16.5 billion barrels of oil and gas may be produced from the UKCS (UK Continental Shelf). Oil & Gas UK, however, believes there is a broader range of possible outcomes and we remain of the view that there could be up to 24 billion barrels of oil and gas to recover.
Posted on: Sun, 24 Aug 2014 10:46:52 +0000
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