Boost after new oil field discovered in North Sea

BP and GDF Suez E&P UK said they had discovered the field - which spans two areas where the companies have separate licences to explore - in the UK Central North Sea.

Testing has revealed it could produce a maximum of the equivalent of 5,350 barrels of oil per day.

UK Business and Energy Minister Matthew Hancock said: “We are determined to have set the right fiscal and regulatory regimes to make sure we can get the maximum possible economic extraction of oil and gas from the North Sea.

“This discovery shows exactly what can be achieved in the North Sea if companies work together to maximise the considerable potential of remaining oil and gas reserves.”

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.”

Ruud Zoon, managing director of GDF Suez E&P UK, described it as “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”.