Peak Oil News - BG Group Makes Substantial North Sea Discovery

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.

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