[BREAKING] ANOTHER MAJOR NORTH SEA OIL DISCOVERY Oil firms BP and GDF Suez have announced the discovery of a new field in the UK Central North Sea. The find, which spans adjacent blocks operated separately by the two companies, has been flow-tested at a maximum rate of 5,350 barrels per day. The discovery has been called Marconi by GDF Suez subsidiary GDF Suez E&P UK, while BP has named it Vorlich. GDF Suez E&P UK managing director Ruud Zoon described the discovery as encouraging. He said: The discovery is our third successful well this year and demonstrates a continuing commitment by GDF Suez to an active exploration and appraisal drilling programme on the UK Continental Shelf. GDF Suez has already built up more than 50 licences in the Central and Southern North Sea and West of Shetland. The company employs more than 300 staff and contractors in offices in London and Aberdeen. BP, along with co-venturers, is undertaking a £10bn investment programme in the North Sea. It has undertaken to spend more than £7bn of that sum in the next five years. Great example Trevor Garlick, regional president of BP North Sea, said: As BP marks its 50th year in the North Sea and as the industry looks to maximise economic recovery from the basin, increasing exploration activity and finding new ways to collaborate will be critical to realising remaining potential. This discovery is a great example of both. The UK governments Business and Energy Minister Matthew Hancock said: We are determined to have set the right fiscal and regulatory regimes to make sure we can get the maximum possible economic extraction of oil and gas from the North Sea. This discovery shows exactly what can be achieved in the North Sea if companies work together to maximise the considerable potential of remaining oil and gas reserves. bbc.co.uk/news/uk-scotland-scotland-business-29739085
Posted on: Thu, 23 Oct 2014 11:06:27 +0000
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