Major central North Sea oil discovery announced by energy firms
The Marconi/Vorlich field could be worth around $160m each year.
Two leading energy firms have announced a major new North Sea oil discovery.
GDF Suez and BP say the Marconi/Vorlich field could produce up to 5350 barrels of oil equivalent per day - worth around $160m each year at current Brent prices.
The central North Sea find, which is around 150 miles east of Aberdeen, is the third discovery made by GDF Suez in 2014.
Ruud Zoon, GDF Suez managing director, said: “This is an encouraging exploration discovery in a part of the central North Sea.
“The discovery is our third successful well this year and demonstrates a continuing commitment to an active exploration and appraisal drilling programme on the UK Continental Shelf.”
Matthew Hancock, UK business and energy minister, said the find was an example of collaboration in the oil and gas industry.
Mr 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.”
Scottish Energy Minister Fergus Ewing added: "This discovery is another great example of the huge potential the future holds for the North Sea.
"With more effective collaboration, increased exploration activity and a commitment to maximising economic recovery, the overall value that the industry continues to generate for the wider economy can also be maximised.
"It is critical that current reforms to the regulatory and fiscal regimes applying in the North Sea are expedited and prioritised with a view to ensuring the economic viability of projects such as these, and to realising the opportunities for development of the vast remaining resources in the North Sea."
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