HOUSTON – BP and French energy company GDF Suez said Thursday they’ve discovered a new oil field in the UK North Sea’s ancient sandstone, in a formation that crosses into blocks they operate separately.
An exploration well drilled by GDF Suez and rig contractor Transocean flowed as much as 5,350 barrels of oil equivalent a day in tests runs. BP said it would call the discovery “Vorlich,” while French company has named it “Marconi.”
The discovery is in a part of the UK North Sea that “needs additional volumes of hydrocarbons to open up development options for several stranded discoveries,” Ruud Zoon, managing director of GDF Suez’s exploration and production in the UK. He said it was “encouraging.”
The new-found oil patch crosses into a block operated by BP and half owned by Total. The other block is operated and 50-percent owned by GDF Suez.
The UK North Sea is an area that BP CEO Bob Dudley said last month “is now mature,“ and that investment opportunities “are smaller and more challenging to develop than in the past.”
BP is in the midst of a $16 billion capital spending plan in the North Sea, which will see $11.2 billion spent over the next half decade, the company said.
“As the industry looks to maximize economic recovery from the basin, increasing exploration activity and finding new ways to collaborate will be critical to realizing remaining potential,” Trevor Garlick, regional president for BP in the North Sea, said in a written statement. “This discovery is a great example of both.”
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