Big new offshore gas find is not so big in the big picture

Some perspective is required here.

Energy company Total has announced a major gas discovery off Shetland.

Initial tests at a site on the Glendronach prospect indicated there could be about one trillion cubic feet of gas which could be extracted.

Deirdre Michie, industry body Oil and Gas UK’s chief executive, said: “This is a major discovery by Total which demonstrates the exciting potential the West of Shetland frontier region holds.”

Global energy consultancy Wood Mackenzie said it was the largest conventional gas discovery in UK waters since Culzean in 2008 in the North Sea. A trillion cubic feet of gas equates to 176 million barrels of oil equivalent.

Kevin Swann, senior research analyst, said: “Exploration in the UK has been a huge concern so far in 2018 with just five exploration wells spudded to date – on track for lowest levels of activity since the 1960s.

“So this discovery is welcome news, even if there is more work to do if the UK is to fill the project gap that is set to arise in the next few years. The cupboard is pretty bare beyond 2020.”