Wednesday December 14, 2005

North Sea gas drying up faster than hoped

peakoil.com -> news.scotsman.com :

North Sea gas reserves are being used up faster than anticipated, MPs said yesterday, warning that energy shortages will be impossible to avert in the event of the predicted harsh winter. Taking evidence from government ministers and energy industry experts, the House of Commons trade and industry committee heard that Britain's gas is being depleted well ahead of schedule.

The natural gas reserves in the UK "Continental Shelf" area are about 600 billion cubic metres [21 trillion cubic feet], and production is declining from its peak in 2000. According to current official estimates, the UK is expected to be 50 per cent dependent on imported gas by 2010, and 80 per cent dependent by 2020.

The MPs calculated that for every 10 per cent increase in fuel prices, an extra 400,000-500,000 households in England and 60,000 in Scotland fall into "fuel poverty", spending more than 10 per cent of their income on energy. Despite government attempts to downplay talk of a gas crisis this winter, Scottish MPs of all parties yesterday insisted there could be severe problems ahead.

See also :

1. Peak Oil - The pressure mounts
2. UK oil output : running on empty?
3. Bad News For UK Energy

(2005-12-14 18:58:36 SGT) [Energy] Permalink

Most popular blog postings on lowem.log :

1. Singapore SIBOR interest rates fall to 1.5%, lowest since Dec 2004
2. 2009 Honda Global Small Hybrid details released : bigger than Jazz/Fit, smaller than Civic
3. Singapore : Inflation rate could push past 6% in Q1 2008
4. Singapore SIBOR rate fell to 1.25% in Apr 2008, lowest since Aug 2004
5. Fuel prices seen stoking Malaysia inflation in 2008
6. Singapore CPI inflation rate for May 2008 continues at 26-year high of 7.5%
7. Singapore CPI inflation hits 6.6% in Jan 2008 - a new 25-year record high
8. Singapore SIBOR rate falls to 1.31%, lowest since Nov 2004

Featured articles on lowem.log :

1. ABC Guide to Beating Inflation in Singapore and Elsewhere
2. Singapore inflation rate hits new 26-year high of 7.5% in Apr 2008
3. Hyper-inflation : early warning signs
4. Singapore hyperinflation warning signs #2 : Cooking oil price up 75%
5. Bread and inflation
6. Singapore M3 money supply growth vs STI stock index
7. Singapore SIBOR rate fell to 1.25% in Apr 2008, lowest since Aug 2004
8. Singapore : Inflation erodes away bank savings