The future of oil production in the North Sea is bright even though production has declined. The current predictions of remaining oil are believed to be underestimated. There could be hundreds of undiscovered wells and billions of barrels of oils still waiting to be extracted. The high demand and high prices of oil have created a global race for oil. Oil and natural gas exploration and drilling is booming like it never has before. The world needs oil and the North Sea is one of the world’s biggest offshore oil drilling hot beds.
Some estimates say that the North Sea oil reserves will dry up within the next few decades, but others say the North Sea will be a world leading oil producer for another century at least. A common theory is that the oil companies have conspired to make the North Sea oil reserves seem dismal – only 25 billion barrels of oil left – in order to keep the high prices for a barrel of oil. In return for estimating mega-conservatively, this industry will prosper and continue to increase their already high profit margin.
But new oil fields are constantly being found. Big companies are abandoning smaller oil fields – oil fields that may still contain nearly 50 million barrels. Some estimates predict 300 new oil fields could be discovered and that between abandoned and new oil fields, an additional 9 billion barrels of oil more than the conservative estimates of 25 billion barrels, for a total of 34 billion barrels, could be extracted from the North Sea. Other predictions estimate extracting a total of 40 to 60 billion more barrels of oil from the North Sea.
Small companies are the future of the North Sea. They are the ones that are buying up old wells, finding new wells, pouring millions into exploration of new regions and new oil fields, and making profits. New technologies and high prices are making difficult and remote fields worth drilling again and the smaller companies are set to make a bundle. This is a financial opportunity that is hard to pass up. It’s an opportunity for people from all over the world to start profitable careers in the oil and gas exploration and extraction business.
Exploration of the North Sea near the UK expands every year. Each exploration project costs millions. Even with the secrecy of oil and gas estimates, companies would not be pouring that much money into oil exploration if the oil was not there. It is there and it is just waiting to be tapped.
In fact many oil and gas companies are beginning aggressive recruiting programs and starting training programs to bring new employees into the oil business. These programs will focus on technology and skill training to make you a successful worker on the North Sea.
It’s shocking, but in a time of a struggling world economy, these companies are facing a shortage of workers with the exploration and drilling business booming. Thousands of jobs will be available for trained workers in the next few years as new drilling rigs and new technology make drilling in the North Sea feasible.
The global race is on to extract new oil all over the world. The North Sea is set to be a major contender in this race. There are countless billions of barrels of oil under its frigid oceans that are waiting to be tapped. This is the time to follow the liquid gold of the North Sea and become part of the oil and gas boom of the 21st century.