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Experts explained that high oil prices mean that current oil companies can invest a lot of money in the exploitation of deep oil and gas that previously could not be mined because of high costs. They also believe that there are still large areas in the UK off the coast that have never been fully explored, and more than 300 oil fields still have potential.
Since the scale of these new oil fields is relatively small, it is impossible for industry giants such as BP and Shell to get involved. But for smaller companies with lower management costs, these fields are more attractive.
Beihai ushered in secondary oil exploration climax
The soaring international oil prices will bring a second exploration boom for the North Sea. The exploration targets are those previously considered difficult to extract. Experts estimate that these reserves are about 30 billion barrels. The residual oil and gas reserves in the oil fields in the Beihai region may be equivalent to the sum of oil and gas produced since the area was put into operation in the 1970s, and it is enough to maintain 44 years of production.