It seems Britain could be sitting on a whole lot of oil. Exploration firm U.K. Oil & Gas Investments said on Thursday there may be up to 100 billion barrels of oil at an onshore site in south England, near Gatwick airport
That's more than double the amount of oil pumped from Britain's energy offshore North Sea fields in the past 40 years.
UKOG chief executive Stephen Sanderson described the discovery as a "world class potential resource." He said,
"This [find] has the potential for significant daily oil production,"
But the find may not be as significant as it looks at first glance. The firm said based on similar sites in the U.S. and Siberia, only between 3% and 15% the total reserves would likely be recovered....which ever way, congrats to them!
Culled from CNN Money