BG Group Makes Substantial North Sea Discovery

BG Group

BG Group reports 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 percent interest in the discovery along with operator ConocoPhillips (36.5 percent) and ENI UK Limited (33.0 percent).

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.

BG Group Executive Vice President, Europe and Central Asia, Mark Carne, said, "This is one of the largest recent North Sea discoveries and represents a highly attractive near-term, near-infrastructure project. 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.

BG Group has interests in over 20 UKCS fields. It is active in 87 blocks in the UK North Sea, and is operator in 44 of them. BG Group operates the Armada, Maria and Seymour fields in the Central North Sea, the Blake and Atlantic fields in the Outer Moray Firth, and some of the Easington Catchment Area fields in the Southern North Sea (Neptune, Mercury, Minerva and Apollo).