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Assets like oilfields were already factored in under the rules - last updated in 2008.

Redeveloping oilfields in other areas is difficult, with some observers saying what reserves remain are depleted to the point where further extraction would be economically unfeasible.

The UK government has admitted in court that the country's largest untapped oilfield, Rosebank off Shetland, was approved unlawfully.

This was not defense theater: In February 1942, just up the coast, a Japanese submarine hovering just offshore shelled a Goleta oilfield.

"This research provides more evidence of the problem of excessive venting and flaring in the oilfield," said Hillary Hull a co-author of the study and director of research and analytics at the Environmental Defense Fund.