Sunday 4 December 2016

Oil rich? Why it's well worth risk to find out

Published 14/11/2012 | 17:00

ALMOST everything we think we know about oil is wrong. The United States, long regarded as an oil addict, is set to replace Saudi Arabia as the biggest producer in the world within eight years and become completely self-sufficient a few years later.

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Once-poor countries dotted across a huge geological seam from Uganda to Ghana and all the way to South America are fast becoming wealthy and more democratic thanks to the discovery of oil and gas in remote areas once regarded as empty wastelands.

Ireland, long regarded as a joke in the oil industry, now seems to have large reserves off Kerry and is attracting interest from some of the world's oil majors.

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