Did Andy Burnham Crumble at the First Call from Trump?
Google AI based on a source in LinkedIn tells us,
“On average, it takes about 15 years from the first discovery of an oil field to commercial production, (data from Global Energy Monitor) – three times longer than the decades 1960 – 1980, when projects averaged about 5 yrs.”
Drilling today will do NOTHING to solve any shortages today – nor any shortages until about 2040.
But in 2040 we will very probably need far less oil (just for chemicals and plastics) than we use today!
There was a drop in global oil use in 2020 and the International Energy Agency (IEA) is forecasting 2026 as another year with a drop in oil use – a global oil demand decline of roughly 1 million barrels per day.
Global oil demand is projected by IEA to be about 104 million barrels per day in 2026 before plateauing near 106 mb/d towards 2030.
There’s no hurry to extract additional oil from the North Sea – and it’s not a quick fix for any current econmomic problems!