How big is the UK’s strategic Oil reserve?

Discussion in 'The Intelligence Cell' started by armchair_jihad, May 18, 2008.

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  1. Just a question for anybody who knows and can tell me true


  2. Aww dude, that ought to be so classified that the people holding it don't know and probably, as it's the UK, won't be enough to get you to the shops :)
  3. How big is it? Big enough to power up a lawn mower and small enough to cause panic all around.
  4. Godon Brown probably sold it.
  5. Including what the Falkland Islands are sat on? No wonder we're ordering those aircraft carriers... :wink:
  6. Members of the International Energy Agency must have a strategic petroleum reserve equal to 90 days of oil imports for their country. Only net oil exporters were exempt from making such a reserve. United Kingdom was exempt but that has changed a while back and we are now a net importer of oil.

    So the UK started to create a strategic reserve not that long ago despite EU Council Directive 68/414/EEC (dating from 1968) which stated all members must have a strategic petroleum reserve within the E.U. equal to at least 90 days average daily internal consumption.

    So how big is it now ? Dunno, but given a skint and stupid Government I would suspect not big enough.
  7. Given the recent panic over a strike at whatever it's called, I'd guess "What reserve?" springs to mind......
  8. Oil in the ground isnt part of the strategic reserve, as it cannot be actively quantified. Offshore reserves within UK waters total about 3 billion barrels.

    On the UK 'strategic reserve' is sufficient to cover 70 days of normal consumption, with no interruption to exports. This reserve is made of stocks held within refinery stores and pipelines.
    In any situation that threatened fuel supplies, refinery capacity and oil supplies would be held within the UK.
    There would have to be rationing, but it would be quite do-able.

    Also ref net import/export of oil, thats a really cr@p way of looking at oil production. Saudi Arabia is the biggest nett exporter of oil in the world, and yet imports petrol and marine fuels....
  9. How big is the UK's strategic oil reserve? - No idea, but I suspects Scotland's is quite large :D
  10. Somewhat off topic, but still about oil:

    According to some oil industry boffin I heard rambling on R4 the worlds reserves of oil are on the increase. This is due mainly to technological breakthroughs that now mean that oil that wasnt worth extracting because it was too difficult and expensive to do is now do-able,
    and at a good enough profit margin for the industry to make it worthwhile. He also suggested that the savings will be passed on to the customer at the pumps. (but the füukking gubment will probably snatch it back in the form of a green tax)

    He said there was a realistic opportunity of £0.40p a litre in 10 years time, particularly if we mix in biofuels too.
  11. Utter, utter balls.

    Lots of reasons why oil is expensive, and will continue to be so:

    Firstly, oil is more expensive is because of rising demand in the (quickly) developing world - ie China, India etc etc.

    Secondly, oil reserves are not a proven science - remember shell altering their 'proven reserves' by several hundred million barrels a few years back? this is because they shifted in their analysis of the seismic data they had.

    Thirdly, all the new discoveries taking place are in areas that are particularly hostile - offshore Brazil (3000m water depth - very few rigs in the world can actually drill in this depth), HPHT wells in the North Sea, West Africa etc etc.

    Fourth, look at the list of OPEC members, and point out the stable state? you cant, because there isnt one. Whilst these states sit on the oil reserves, they have an agenda to manage supply and demand - they balance price so that oil is not too expensive, and yet expensive enough to fund their own plans.

    Fifth, Saudi Arabia / Aramco have announced a target oil price of around USD 55 per barrel equivalent brent light sweet crude. This would translate to around 80p per litre in the UK. This is the MINIMUM price they would allow oil to get to, as any lower and their fields become unprofitable - they would simply turn off the taps to restrict supply, forcing prices up.

    Finally, oil traders are pushing the price up, not supply. By shorting stocks and then dumping at the end of the day, they push the price to new highs, then offload quickly - happens in any stockmarket in the world, only this one affects all of us.

    Finally finally, biofuels are not all they are cracked up to be. The EU has already stated it will restrict the growing of crops for biofuel, as they harm food security (amongst other things). You will see a growing movement against biofuels in their current format over the next few years, with restricted growth led by quotas per acre etc etc.
  12. All their cash is spent buying consumer goods in the 'west' and Japan . Because a lot of these OPEC countries have the potential to be unstable, they don't trust their own to keep the cash home. (Similar to S. American drug cartels)
  13. We can dance round in circles forever with regard to the oil debate but can we dispel two myths right now?
    Oil is plentiful, reserves are known to be suffuicient for the remainder of my lifetime, possibly more known reserves than there has ever been.
    Fuel isn't expensive, infact its perfectly reasonably priced, its the fecking tax we are paying on it that is extortionate. Take off the tax and its about 50 Pence a litre at the pump.
    Lie's and spin, mostly propogated by goverernment. The environmental bollox is highly dubious data and the "high price" we are paying is almost entirely down to revenue pillaging by the cnut Brown.
  14. Jagman.

    1. Wrong. Unproven reserves are the highest they have ever been (ie 'This bit looks like it might have trapped 4 billion barrels - stick it on the balance sheet Bob!'.
    Proven reserves are depleting in line with increased consumption. Bearing in mind the largest, longest life fields such as Ghawar, AL Khafji, Ekofisk etc etc have been in production for more than 30 years, they can be expected to run dry within your life time (assuming your not 80yrs old).

    2. Fuel isnt expensive / tax etc etc - spot on. We pay about 70p per litre tax, and there is the fuel escalator tool to allow the tax take to increase in line with the rising fuel price.

    3. Not sure what you mean by environmental bollox - if you mean emissions, then they are proven as damaging to the environment. If you mean exploration - the seabed subsidence around Ekofisk would be fairly comprehensive proof that drilling for oil damages the earths physical structure etc etc.

    I work in the industry, and whilst i am all for oil exploration / consumption, you do need to be a bit realistic about the motivation of the organisations involved, and the effects that hydrocarbons have on their environment (both locally and globally).