Glengorm Heralds Mini Renaissance in UK Exploration
The Glengorm gas condensate discovery will “reignite” interest in the high temperature, high pressure plays in the North Sea and heralds a “mini renaissance” in UK exploration, according to Westwood Global Energy Group.
“Glengorm shows that high impact discoveries are possible in the UK North Sea, and not just by drilling prospects deemed high impact pre-drill,” Westwood said in a statement posted on the company’s website on Monday.
“The unexpected upside can happen,” Westwood added.
CNOOC Limited announced the Glengorm discovery on Tuesday. Recoverable resources are estimated at close to 250 million barrels of oil equivalent, according to Total, which has a stake in the find.
The Glengorm discovery has been described by Oil & Gas UK and the Oil and Gas Authority (OGA) as “major” and “significant”, respectively.
Following the announcement of the discovery, Rystad Energy Principal Simon Sjothun said the Glengorm area will likely be an “industry hotspot” in the coming years.
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