100m barrels of oil under Isle of Wight, ‘Drill ready’ claims company

The company with the rights to extract oil from Isle of Wight sites have today announced they think that there’s over 100 million barrels available – and it’s ‘drill ready’.

Barrels of oil

A company, UK Oil & Gas Investments PLC (UKOG), has today announced they believe there are over 100 million barrels of oil available for drilling on and just-off the Isle of Wight.

They also said it’s now ‘Drill ready.’

Huge amounts of oil
Their initial calculations of the oil located in the off-shores site to most likely be 116.5 million barrels of oil within two areas.

Their figures show it could be as high as 285 million barrels.

In addition to this, they estimate 197 billion standard cubic feet of gas could be available.

The sites
The sites are located in the offshore and ‘onshore transition area’ along the south-west coast of the Isle of Wight.

Essentially the offshore site is the water off the Back of The Wight – stretching along the Military Road from Whale Chine through to close to Freshwater Bay.

The onshore portion encompasses Brook, Brighstone, Mottistone and Hulverstone.

Oil on and off the South West of the Isle of Wight (approximate map)

Original rights bought by another
In 2012 a different company, Northern Petroleum Plc, were awarded the rights to carry out oil drilling operations in two areas off the South West shores of the Isle of Wight.

Holding increased
UK Oil & Gas Investments bought UK production and exploration oil and gas licence interests from Northern Petroleum PLC in July 2014 for £1.5m. Giving them a 65% interest in the Isle of Wight area.

UKOG carried out a further purchase in Feb 2015 to increase the size of its holding in P1916 (located immediately offshore of the Isle of Wight), from 65% to 72.5%.

A further deal has taken their holding to 77.5%. Magellan Petroleum (UK) Limited owns the remaining 22.5% interest.

The full details of the announcement.

At the time of publishing, the representatives of the company we contacted to clarify items in this report hadn’t returned our call.

Image: xcbiker under CC BY 2.0

Wednesday, 25th March, 2015 5:37pm

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ShortURL: http://wig.ht/2cVM

Filed under: Atherfield, Brighstone, Compton, Freshwater, Island-wide, Isle of Wight News, Top story

Any views or opinions presented in the comments below are solely those of the author and do not represent those of OnTheWight.

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19 Comments on "100m barrels of oil under Isle of Wight, ‘Drill ready’ claims company"

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starb.

You can’t drill for Oil there, thats where there building The Wind Farm, The Tidal Energy plant and All the extra SuperMarkets we don’t need.

Cynic

…. and its the graveyard of innumerable sailors from the 200+ wrecks on Back o’Wight!

Luisa

Navitas Bay wind farm miles further West. Tidal energy a mile off our South East coast (Ventnor). However this form of energy (crude oil drilling and possibly fracking) helps to put the other two planning applications into perspective!

Mason Watch

Excellent news….. We can declare independence and pay for all the fixed linkers to be repatriated to the mainland

ebod

Fantastic! Let the island population cash in on this opportunity so we can all go and live on a lovely sunny island with clear unspoiled seaviews and beautiful beaches somewhere in the UK…

martin William Wareham

Marine conservation Zone and my garden come within that plan rather have a wind turbine than a nodding donkey.

Colin

OK Brighstone.
.
You can have a housing development or an oil extraction plant in the village field.
.
Which is it to be? ;-)

The Sciolist

I think we should go for independence, it’s our destiny. I volunteer to be the Island’s Alex Salmond.

Mason Watch

I agree, nominations for the future President to be made from a short list consisting of the Boy Pugh, Eddie ‘ET’ Giles, Ian ‘Vote for me’ Stevens and Jonathan ‘Hair Bear Bunch’ Bacon……… Alan Wells is no longer in the building

Billy builder

What about Roger M. I’m sure he will relocate back to the island. A man of charm and charisma

An island mourns

Surely you meant considerable charm and charisma?

He did try and be both the Island’s Mp and council leader but fell short. Such talent unfulfilled, what a terrible loss to the Island community that he failed and now is no longer with us.*

* he moved to darkest Somerset, Devon or Cornwall they say.

Mark Francis

Arrr! That it be.

Don Smith

‘There she blows! Oil. Struck it rich, we are rich – Let’s build a foxed link. Why not! Money is no object.

We would of course deport the ‘Out of touch’ fixed link objectors. I’ll wager this same group will object to the oil strike.

ewald
its not worse to exploit this field with crude oil prices of $50,oilexploration and fracking companies are going bust with under $80 p/barrel There are now fears that many fracking operations may default on an estimated $200bn http://www.theguardian.com/environment/2015/jan/06/oil-price-casts-shadow-over-frackings-future the good news: The biggest fall in emissions since 1990 saw carbon dioxide output drop 9.7% while energy from renewable sources rose to a record high of almost 20%… Read more »
ewald

“worth”

dennisthegrockle
I know this issue is not “funny” but I thought I could share this. On telling my wife – who I love dearly and who is quite bright really – about the barrels of oil under the Island, her response was “who buried them there then?” I did explain how oil volume is measured! Hope she doesn’t see this or my life might be in danger before… Read more »
Tanja Rebel

Keep it in the ground…

Lisa C

Am I missing something? If I’ve read the government figures correctly, the UK uses roughly 1.5 million barrels per DAY, so unless I’m mistaken 100 million would last no more than 66 days?

Tanja Rebel

Yesterday, Earth Day, leading scientists warned that if we are to avoid the worst effects of Climate Change we must keep 75% of fossil fuels in the ground.