Sir Ian Wood only 21 years out as BP predict North Sea Oil until 2050

He wasn’t the only one:

But in Energy Voice today:

BP’s UK offshore business remains “vital” to the group, its North Sea boss said at the end of a momentous week for the supermajor, which set out ambitious emissions goals.

Ariel Flores, regional president at BP, said the UK continental shelf (UKCS) was one of the firm’s “top provinces” and predicted the company would still be producing North Sea oil in 2050, albeit at lower rates.

He stressed that the firm’s North Sea oil business would have to keep performing strongly if BP is to achieve its newer, greener objectives.

Mr Flores also said BP employees were every bit as “passionate” about the environment as the protestors who have challenged the oil industry in recent months.

Mr Flores was speaking last night at an event organised by the Scottish Council for Development and Industry, at BP’s base in Aberdeen, in the wake of new group chief executive Bernard Looney’s unveiling of the firm’s new “destination”.

BP will overhaul its structure as part of a drive to become a “net zero” company by 2050, eradicating hundreds of millions of tonnes of emissions every year.

Mr Looney, a former BP North Sea chief, did say he would go into more depth at the firm’s capital markets day in September.

https://www.energyvoice.com/oilandgas/north-sea/224386/we-will-still-be-producing-north-sea-oil-in-2050-bp-regional-president-predicts/

BUT:

2 thoughts on “Sir Ian Wood only 21 years out as BP predict North Sea Oil until 2050

  1. Following article by William C. McLaughlin predicts the oil and Gas fields in Scotland’s Atlantic Margin will last for between 100 to 150 yrs depending on rate of extraction.

    https://bellacaledonia.org.uk/2014/06/11/the-real-state-of-scotlands-oil-and-gas-reserves/

    Its an enormous piece of work, but it’s Conclusion is worth a read.

    To conclude, the oil and gas potential of the Scottish Atlantic Margin is VAST, and the article contained expert evidence to prove this assertion. However, the Scottish North Sea is often used as an area for certain individuals to `bleat` about “declining“ Scottish oil and gas reserves and revenues. The web site http://www.petroleum.co.uk (2014) contains a quote which will silence the gloom and doom merchants. It states, “The North Sea crude oil fields are still fairly full and are arguably, the second most influential oilfield (in the world) in economic terms“. Not much “declining“ there, is there? Add this to the Scottish Atlantic Margin oil and gas reserves and it will be a VERY LONG TIME indeed before Scottish oil and gas reserves come anywhere near “declining“. As the writer stated previously, try an estimate of 100-150 years for starters, depending on extraction rates.

    For Scotland, there is everything to “play“ for, and the rewards for an independent Scotland will not only be SIGNIFICANT, but IMMENSELY SIGNIFICANT. London has had its chance, and blown it big time by `criminally` squandering Scottish oil and gas revenues.

    From The National, 3rd Jan. Letters to The Editor

    DID you spot the false news in the press just before the New Year? The headline proclaimed “Scotland’s oil boom can last another 30 years”, and of course this is based solely on the Scottish North Sea. Not a squeak about the Scottish Atlantic Margin (SAM) oil and gas sector, which eclipses the Scottish North Sea many, many times over.

    The headline should have proclaimed: “Scottish oil boom can last at least another 100 years or more”. The SAM fields west of Shetland could last 70 or 80 years or more, and the entire SAM oil/gas sector could last 200 years or more. We are talking about oil fields in Scottish waters being the largest in north-west Europe, and the largest in the world. It is so convenient to use only the Scottish North Sea and a short time limit of only 30 years, so people will ask “why should I vote for indy when there is only 30 years of Scottish oil left?”

    When we get to the end of that 30 years, there will be another 30 years, then another 30, and another, and so on. Fake news is a wonderful thing if you’re daft enough to believe it!

    William C McLaughlin

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