All this time we’ve been sitting on 100 billion barrels of oil near Gatwick and we didn’t even know

New “world class” discovery right on our doorstep

A “significant” amount of oil has been found in the ground near Gatwick.

Over an area of the Weald Basin stretching 55 square miles, an oil company has found roughly enough oil to fill 1.58 million barrels per square mile.

However, it’s likely the company will only be able to extract between 3% and 15% of that, looking at areas in the US with similar geography.

Stephen Sanderson, CEO of UK Oil and Gas Investments which found the oil, said: “Drilling the deepest well in the basin in 30 years, together with the ability to use concepts, techniques and technology unavailable in the 1980s, has provided new cutting-edge data and interpretations to comprehensively change the understanding of the area’s potential oil resources.”

The UK produces 770,000 barrels of oil a day, with 2013 being the worst year for North Sea oil production since 1977.

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