Oil reserves set to run dry in 10 years
THE Scottish oil industry is entering its final decade of production, researchers have warned.
A study has revealed UK oil and gas reserves may only last another 10 years, with only 10 per cent of recoverable oil and gas left.
The authors of the report have warned that if the predictions are correct, the UK will soon have to import all the oil and gas it needs. The analysis also found that fracking will be “barely” economically feasible in the UK, especially in Scotland, because of a lack of sites with suitable geology.
Scientists from the University of Edinburgh found that the UK only has minimal potential for fracking.
The report said: “Fracking is likely to be too restricted to become an effective industry, which would require thousands of wells.”
Researchers are calling for a move towards greater use of renewable energy, including offshore wind and advanced solar energy.
Professor Roy Thompson, of the university’s School of GeoSciences, who led the study, said: “The UK urgently needs a bold energy transition plan, instead of trusting to dwindling fossil fuel reserves and fracking.
“We must act now and drive the shift to a clean economy with integration between energy systems.
“There needs to be greater emphasis on renewables, energy storage and improved insulation and energy efficiencies.”