North Sea may have far more oil than previously estimated

Dec 16, 2002 01:00 AM

The North Sea may have as much as 42 bn barrels in untapped oil reserves, far more than previous estimates, according to Department of Trade and Industry figures.
"There could be 42 bn barrels still under the North Sea," said Jim Munn, a senior civil servant in the oil and gas directorate. "That compares with the 32 bn barrels of oil and gas extracted since 1967." He said explorers are identifying new reserves thanks to more sophisticated technology.

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