New Scottish oil find could yield 130m barrels
● Norwegian company discovers oil field in the outer Moray Firth
Norwegian energy giant Statoil has announced that a new discovery in Scottish waters could contain in the range of 25 to 130 million barrels of oil.
The group said the find, in the Verbier sidetrack well in the outer Moray Firth, is proof “there could be significant remaining potential” in the North Sea basin.
Jez Averty, senior vice president for exploration in Norway and the UK at Statoil, said: “This is an encouraging result for Statoil and the UK team.
“We have proven oil in goodquality sands with good reservoir properties, but significant work remains, most likely including appraisal, to clarify the recoverable volumes and to refine this range.”
The group said it will continue to assess the data and plan further studies to determine the exact size of the discovery
0 Transocean Spitsbergen made the discovery of a new field in the outer Moray Firth and its commercial potential. Statoil is currently developing its Mariner field, which is estimated to contain more than 250 million barrels of oil and is expected to begin production next year.
The find comes just weeks after research suggested the UK oil industry could be in its final decade of production with only 10 per cent of the original recoverable oil and gas remaining. If the predictions are correct the UK would soon have to import all its oil and gas.
Jenny Morris, vice president for exploration in the UK, said Statoil had been testing three independent prospects, ranging in geological risk and with a potential impact on the company’s portfolio.
She said: “Whilst the results of the other two exploration wells were disappointing, we are convinced of the remaining, high-value potential on the UK continental shelf, and the Verbier result certainly gives us the confidence and determination to continue our exploration efforts.”
Industry leaders have welcomed the find, which comes a few months after another firm announced there could be one billion barrels of recoverable oil in a field west of Shetland.
Deirdre Michie, chief executive of Oil & Gas UK, said: “This is good news from Statoil and partners, and we now really hope that the find proves to be commercially appealing and proceeds to development.
“It’s also another signal of confidence in the future of the UK continental shelf and the kind of development that should further persuade investors of the benefit of putting their money into this basin, which still holds billions of barrels of oil and gas.”
Official figures show more than 40 billion barrels of oil equivalent have been extracted from the UK continental shelf since the 1970s. Oil & Gas UK has estimated that up to 24 billion barrels of oil and gas equivalent can still be recovered from the area.