New oil field found in British North Sea

LONDON - Oil firms GDF SUEZ E&P UK Ltd and British Petroleum (BP) Thursday announced a new exploration discovery in the British Central North Sea.

The discovery, which spans the two companies' operated blocks, was flow tested at a maximum rate of 5,350 barrels of oil equivalent per day.

"This is an encouraging exploration discovery in a part of the Central North Sea that needs additional volumes of hydrocarbons to open up development options for several stranded discoveries," said Ruud Zoon, managing director of GDF SUEZ E&P UK Ltd.

GDF SUEZ is a French multinational energy company. Since entering the British market in 1997, the company has built up a substantial portfolio of assets in the Central and Southern North Sea, and West of Shetland, comprising more than 50 licences, 20 of those as an operator.

"The discovery is our third successful well this year and demonstrates a continuing commitment by GDF SUEZ to an active exploration and appraisal drilling program on the UK Continental Shelf," Zoon added.

Trevor Garlick, regional president of BP North Sea said: "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."