Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Hamish McRae: Oil reserves on the margins are now out of reach

The future

Saturday 17 July 2010 00:00 BST
Comments

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

The era of easy oil is long past.

The world may not yet be at a peak in overall production, that may be a decade away, but the potential of the vast fields of the Middle East to increase supplies is clearly limited and the oil companies will have to continue pushing the limits of technology to extract oil from increasingly difficult fields.

As you push the limits of technology you run risks. You run risks about cost and you run risks with the environment. BP has been at the frontier of technology and has been drilling deeper below the oceans than any other company, and maybe taking greater risks.

All oil companies seeking unconventional oil, be it below the ocean floor, locked in shale rock, or produced by some untried process, will have to play safe. They will be required to by the authorities and their shareholders. This will not stop the quest for "difficult" oil but it will make all oil more expensive.

For if this disaster has one overriding consequence, it is to bring home to us that this is a finite resource; a vital one, sure, but one that needs to be used – and extracted – with care. And if that happens, there is indeed a silver lining.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in