UK Weighs Scrapping Its Largest Untapped Oilfield With Oil Over $100 | HappeningNow.news

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UK Weighs Scrapping Its Largest Untapped Oilfield With Oil Over $100

Alex Kimani is a veteran finance writer, investor, engineer and researcher for Safehaven.com.

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Alex Kimani is a veteran finance writer, investor, engineer and researcher for Safehaven.com. Britain is deciding whether to drill its largest untapped oilfield in the middle of an oil shock, with Brent above 100 and more than 70% of its oil already coming from abroad. Rosebank, west of Shetland, is an £8.7 billion (~11.6 billion) development that its operator says would pump about 69,000 barrels a day at peak, roughly a tenth of the country’s expected oil output.

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