
Germany's E.ON says the size of a gas discovery made in the UK almost two years ago could be significantly larger than it previously thought. The integrated player said data from a recent appraisal well at the Tolmount discovery off the UK could make the find one of the largest discoveries made in this part of the North Sea for several years.

By John C.K. Daly of Oilprice.com - Twenty-plus years on, the collapse of the USSR in 1991 threatened massive Western defence budgets, bereft of a major enemy like the “Evil Empire.”

Britain’s declining oil and gas industry may be a minnow on the world stage, 20th largest oil producer and 15th largest gas producer in 2010, but it is still remarkably important for jobs and the UK economy, reports Citywire.