It was recently reported that the “Gatwick Gusher” has made significant progress in advancing the UK’s oil and gas production with oil flowing freely to the surface under its own pressure.
The well, located near Horse Hill, Gatwick, South East England which is operated by UK Oil & Gas (UKOG) could be one of the largest ever found onshore in the UK and UKOG have seen their share price soar more than 15% (1st March 2016) as a result of this success.
It is not that commonly known that the UK was at the pinnacle of the oil and gas industry and one of the largest exporters in the 1980s and 1990s, and that the earliest reports (1830s) of hydrocarbons in southern England came from the Sussex area, near where Groundsure is based. In 2014 the UK oil and gas industry produced 1.4 million barrels of oil and spent £1.1billion in exploration, £14.8 billion in capital investment and incurred £9.6 billion of operating costs.
Today there are 120 onshore oil and gas sites, 13 of which are located in the Weald Basin in the south east of England, including the ‘Gatwick Gusher’.
For those living nearby or looking to purchase a property close to an oil and gas site, it’s important to understand the potential effects to property prices and disruption this could cause.
A Groundsure Energy would identify the presence of this active well and provide vital information to property purchasers on the intentions of the operator and others in the oil and gas industry.
Contact Groundsure for further information on oil and gas exploration and other concerns you may have regarding energy installations in the UK.