Royal Dutch Shell oil company, which owned this oil field, will stop production in 2020, as oil reserves in the field have run out. It is reported by Hromadske with reference to The Wall Street Journal.
The field was discovered in 1971, and since 1976, Royal Dutch Shell began producing oil there. Brent is located in the North Sea between Norway and the Shetland Islands. Oil lay at a relatively low depth of about 140 meters, and its reserves were very significant.
Due to its quality composition and large volumes, soon the whole brand of oil produced in this part of the North Sea was named after the field.
Now Brent oil is a mixture of oil from various fields.
Today, oil produced at the Brent field is only 1% of the oil, which is traded under the brand of the same name. Even after the field is exhausted, the name of Brent brand will not be changed.
Earlier it was reported that Iran announced the discovery of a huge oil field, which could increase the state’s reserves by a third.