Oil industry leaders must come up with new ideas to improve supplies as fuel prices are on increase. The government has announced new strategies to increase oil production in the North Sea. We must reap the full benefits of the UK’s oil reserves, Gordon Brown said after lorry drivers’ protest against increasing costs. The Labour MPs were urged to review the increase in petrol prices and road tax.
The PM and Chancellor Alistair Darling are meeting oil industry bigwigs in Scotland.
At the beginning of the meeting, Business Secretary John Hutton announced the go-ahead for oil production in two new fields of west Don and Don South West.
With an estimated production rate of up to 50,000 barrels, the areas are expected to start production during the first half of the coming year.
John Hutton also talked about the plans for new oil and gas fields to be shaped out of unbeneficial parts of almost 30 existing fields that would make out further daily production of 20,000 barrels of oil.
In the latest licensing round, a record 193 application have been received for the search oil and gas.
In this meeting, Mr. Brown explained to the industry body UK Oil and Gas that it is not just a national problem it has become a worldwide problem of supply and demand not for some time but for a long term.
There is a mounting pressure on government to trench contentious plans to increase road tax on gas swigging cars.
Increasing oil and food prices have become some hot issues in almost every part of the world and even the developed countries of the world are not reckoning themselves steady enough to fix the rising issues .Things are getting bad to worse while oil supplies are decreasing with every passing day and there is an urgent need to explore some new sources of energy otherwise it would become quite difficult to survive on that planet.
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