Could the UK be sitting on £52.6 billion?

A potential £52.6 billion worth of oil could be sitting under Gatwick and other areas of the South East according to a new report by UK Oil & Gas. The company who plans to extract oil from the Gatwick area have said that they believe there is a considerable amount of oil in the area, which will be a huge boost to the region.

The report outlined three scenarios with the lowest scenario seeing a total lifetime production of around 140 million barrels of oil and the highest scenario seeing a total lifetime production of 1.1 billion barrels of oil. This high scenario translates into more than 330,000 barrels of oil per day during peak production.

It is believed this could boost the UK’s economy by £52.6 billion through taxes and jobs created. It could create a possible 5,600 jobs directly and thousands more indirectly.

Stephen Sanderson, UK Oil & Gas’s executive chairman believes this will be a huge opportunity for the UK, with oil production possibly accounting for 27% of the UK’s demand. Therefore the UK would not need to import as much oil from abroad and could possibly look to export oil.