BG Group in substantial North Sea discovery
Posted: 1 September 2006
BG Group reported the discovery of a gas condensate field in the Central North Sea.
The discovery straddles blocks P011 and P0032 30/7a. BG Group holds a 30.5 per cent interest in the discovery along with operator ConocoPhillips (36.5 per cent) and ENI UK Limited (33.0 per cent).
Following the initial exploration well, which was drilled earlier this year, a sidetrack well has confirmed the presence of a substantial commercial hydrocarbon accumulation.
BG estimates recoverable reserves to be between 100 and 275 million barrels.
The consortium is targeting early development sanction.
"This is one of the largest recent North Sea discoveries and represents a highly attractive near-term, near-infrastructure project," said BG Group Executive Vice President, Europe and Central Asia, Mark Carne.
"This is BG's 5th discovery in the North Sea in the past 12 months. It once again reinforces the prospects for our UK exploration and production business and shows the continued prospectivity of the North Sea."
The initial well was drilled in a water depth of 81 meters and is nine kilometers west of the existing Judy development.