Sunday, July 04, 2010

WHICH COUNTRY HAS LOTS OF OIL?



Which country has lots of oil?

The recently discovered CATCHER oil fields could be the largest discovery of Scottish North Sea oil in almost a decade.

They could contain as much as 300m barrels of oil. (FT.com - Scotland's oil wealth - oil find lifts groups)

In 2001, the 500m barrel Buzzard field was discovered in the Scottish North Sea.

UK energy minister Charles Hendry has announced that a record number of applications have been received for the 356 new UK licences to drill for North Sea oil. (thefirstpost.r)

Scottish finance minister John Swinney has claimed Scotland would be £1.3 billion in the black if it received its "geographical share" of North Sea oil revenues. (The discovery of significant new oil reserves off Abedeen has raised hopes of an extended shelf life )

But, Scotland continues to be looted.

Aberdeen oil explorer Dana Petroleum may be taken over by South Korea's national oil company (KNOC)

"Does it represent a blow to the country's attempts at building indigenous companies of scale?

"Well, of course it does.

"It ain't easy building billion-pound businesses and Scotland has to be grateful when it gets one or two.

"The time taken to sell them doesn't compare to the work that goes into creating them." (Terry Murden: Dana chief's gain is Scotland's loss if Koreans take over )

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