According to UK Oil & Gas Investments (UKOG), the Weald Basin, which has been dubbed the ‘Gatwick Gusher’, has enough oil to fill 463 barrels every day.
UKOG is the British company that unearthed the immense quantities of oil close to Gatwick Airport in 2015. Last Tuesday, it announced that early testing has shown ‘significant quantities’ of crude oil at the southern location.
As a result of the announcement, shares in UK Oil & Gas Investments rose by almost 15% on that afternoon alone.
Speaking to The Daily Mail, UKOG’s chairman Stephen Sanderson said:
“This is a very significant event for the company and for oil and gas activity in the Weald basin of southern England. Importantly, tests so far show oil has flowed to the surface under its own pressure and has not, so far, required artificial lift.”
Despite some criticism that the only way to get at the oil reserves would be to use the controversial fracking technique, UKOG has said it has jump-started the process of acquiring regulatory approval, which will enable it to carry out further tests at the site, with a view to showing that ‘sustainable commercial production’ is viable at the Weald Basin site.
This could mean that, in the future, more global oil companies, like Royal Dutch Shell and Kuwait Petroleum, the makers of Q8 T750 15W/40, could be using more British bought oil in the manufacture of their leading oil and grease products.