23rd Oct 2014 12:57
LONDON (Alliance News) - BP PLC and GDF Suez SA on Thursday said they have found oil at a well in the central North Sea.
The discovery, known as 'Vorlich' by BP and 'Marconi' by GDF, was flow tested as a maximum rate of 5,350 barrels of oil equivalent per day. It spans the 30/1f block operated by GDF and the 30/1 block operated by BP.
The BP block is a 50:50 joint venture with Total SA, while GDF holds a 50% stake in its block, with partners RWE AG and AP Moller-Maersk Group holding the other half.
"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," said BP North Sea regional president Trevor Garlick.
BP shares were up 0.1% to 434.7 pence on Thursday afternoon.
By Sam Unsted; [email protected]; @SamUAtAlliance
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