Onshore Oil and Gas Exploration Boom Predicted
Scotland is on the verge of an onshore oil and gas exploration boom, as shale oil and gas majors, Shell, Chevron, Statoil, Halliburton and Cuadrilla will bid for DECC licences later this year to tap the potential vast reserves onshore, a new investigation has found.
The investigation was undertaken by www.oilandgaspeople.com, the world’s largest oil and gas industry jobs board, and independent North Sea oil and gas industry experts. The investigation included interviews with industry experts and DECC officials.
Despite onshore oil and gas finds in the past, onshore has been largely neglected, but now this investigation has found that activity is ramping up quickly as DECC is set to announce new reserve estimates in later 2014, which has renewed interest from the exploration majors.
As the British Geological Survey is set to complete a major new survey of the area, DECC is now poised to offer oil and gas exploration blocks on an unprecedented scale covering large areas of mainland Scotland. There is now a strong momentum towards uncovering the significant reserves that many experts believe exists within the geology of the area.
The investigation found that the whole of the Scottish Midland Valley will become open to oil and gas exploration licences in the DECC 14th onshore oil and gas exploration round. The Scottish Midland Valley is the principle onshore hydrocarbon province.
Surveys have already revealed gas and oil petroleum systems in Scottish Midland valley around Salsburgh and Marshall Meadows. The middle Devonian sediments of Orcadian basin – includes 180 metres of rich, mature Lacustrine source rocks Oracdian basin, which suggest considerable shale gas potential and significant reserves.
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