Note :No relationship exists real or implied between the BP of Sneigwh and the corporate BP of Oil.......Just a great headline .
BP's find,peak oil and you
The discovery could be as large as Forties field in North Sea and comes hard on heels of 8.8bn barrel find by Iran.
Apparently a great short term boost BP’s stock price .
However in the long term …..
Jeremy Leggett,chairman of the renewable power company Solarcentury, and a key peak energy specialist. Said that it would take many years for BP to bring any Tiber fields onstream, pointing out that the huge Kashagan find in the Caspian Sea, in which BP has sold its stake, was meant to produce its first oil in 2005 but is now targeting 2013 as a start-up date.
A specialist in oil at consulting firm
said “The question is what is the quality of the reservoir, what is the quality of the oil, whether it will flow and what will be the cost of getting it out,” said Ross, a former BP chemist. “A lot of technology has yet to be developed that will be necessary to exploit this discovery.”
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