BP share price: Group announces UK North Sea oil discovery

on Oct 23, 2014
Updated: Oct 21, 2019

iNVEZZ.com, Thursday, October 23: BP Plc (LON:BP) and GDF Suez have made an oil discovery in the North Sea, the two companies announced today.

As of 13:26 BST today, BP’s share price was trading 0.32 percent down at 432.85p.
**New exploration discovery in North Sea**
The oil major BP and GDF Suez E&P UK Ltd revealed in a joint statement today a major new oil discovery covering two licence blocks in UK Central North Sea – GDF Suez-operated block 30/1f and BP-operated block 30/1c.
The find, dubbed “Marconi” by GDF Suez and “Vorlich” by BP, has been flow-tested at a maximum rate of 5,350 barrels per day. The overall estimated size of recoverable reserves was not disclosed in the statement but Ruud Zoon, managing director of GDF Suez, described the discovery as “encouraging”.

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Trevor Garlick, regional president of BP North Sea, also commented on the find: “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.”

According to the statement, the exploration well was drilled by GDF Suez as operator, with the Transocean Galaxy II jack-up rig being used under a joint well agreement between the two concession-holders.

BP is in the process of launching a £10 billion investment programme in the North Sea, with over £7 billion to be spent in the next five years. In today’s statement, the oil major said that the recent 27th licensing round for United Kingdom concessions was the most successful for the company since the 1990s, with BP being accredited for 14 blocks.

**Restart of Rhum field**
Today’s announcement comes days after BP reported that it would restart production at the Rhum gas field in the UK North Sea, half-owned by Iran’s National Oil Company. The field was shut down for four years due to Western sanctions on Tehran but in October last year and following the easing of tensions between Iran and the West, the UK’s Department of Energy and Climate Change (DECC) gave permission for a resumption of output. It’s taken BP a year to restart production, expected to reach almost 50 million cubic feet per day. ()
**As of 13:25 BST, buy BP shares at 432.85p.**
**As of 13:25 BST, sell BP shares at 432.80p.**


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