Significant Oil Discovery in the Central North Sea

abarrelfullabarrelfull wrote on 29 May 2014 09:03

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7 JUNE 2001

BG Group plc today announced a significant oil discovery in the UK Central North Sea. The well has been drilled and tested by BG on behalf of the partners in the consortium.
The 'Buzzard' exploration prospect, located 100 kilometres north east of Aberdeen, was drilled in 320 feet of water and encountered an oil column of 360 feet. During testing, the well flowed at 6,547 barrels per day of light oil and 0.97 million cubic feet per day of natural gas on a 36/64th-inch choke. These rates were constrained by the limits of the testing equipment. The plan is to sidetrack the well to provide a better understanding of the extent of the pool.

The discovery lies in PanCanadian operated Licence P.986, which was awarded to PanCanadian and its partners in the UK 18th Licencing Round in 1998. BG Group holds a 19.99 per cent interest in the licence. PanCanadian holds 45.01 per cent. Other interest-holders in the licence are Intrepid Energy North Sea Ltd (30 per cent) and Edinburgh Oil and Gas plc (five per cent).

BG Executive Vice President Jon Wormley today said:
"This is a significant discovery which builds on BG's activities in one of its core areas in the North Sea. It will further enhance the area around the Blake field, which is due to start production shortly."

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