Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

BP finds oilfield off Shetlands

Neil Thapar
Friday 05 March 1993 00:02 GMT
Comments

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

BRITISH Petroleum, the oil giant, has struck what may be a big oil field about 170 kilometres south-west of Shetland, writes Neil Thapar.

The discovery confirms the western part of the islands as an important new area for oil exploration and could provide Britain with a new source of oil revenues.

BP's initial estimates suggest that the field contains recoverable reserves of between 250 and 500 million barrels, equivalent to a medium-sized North Sea field.

However, the final estimates could be much larger, making it one of the most significant finds in British waters for a decade.

John Browne, chief executive of BP Exploration, said: 'This is a promising discovery which will require further appraisal to define the reserves more precisely. The discovery has the potential to open up a significant new play in the west of Shetland.'

The discovery was made in block 204/24a at a depth of 48 metres. BP has an 80 per cent stake, with the balance owned by Shell.

As a result of the find, the Government has awarded the two companies five more blocks to explore in the area. The companies will hold equal shares in the new blocks.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in