A UK oil exploration company has said it has discovered oil reserves of up to 100 billion barrels beneath southern England.

The discovery was made at Horse Hill near Gatwick airport. It is estimated that the area holds up to 158 million barrels of oil per square mile, the BBC reported.

The majority of the oil lies within the Upper Jurassic Kimmeridge formation at a depth of between 2,500ft and 3,000ft. Experts estimate up to 15 percent of the oil reserves could be extracted from the reserve, according to the BBC.

"We think we've found a very significant discovery here, probably the largest [onshore in the UK] in the last 30 years, and we think it has national significance," Stephen Sanderson, chief executive of UK Oil & Gas Investments told the BBC.

The company said up to 30 percent of the country's oil demand could be produced from the Weald area by 2030, the BBC reported.


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