The company, also known as Taqa, said it encountered two oil columns of unspecified depth in the Darwin oil field in the North Sea near the Shetland Islands. The company said it was evaluating the reserve potential of the field.
Taqa Managing Director Leo Koot said in a statement that the discovery shows there's still a "great potential and that it is possible to unlock opportunity and produce growth through the use of cutting-edge technology and focused investment" in the North Sea.
The company recently started oil production at the nearby Cormorant East field, which is estimated to hold as much as 30 million barrels of oil. In January, Taqa shut production there briefly as a precautionary measure after hydrocarbons leaked from a leg of the Cormorant Alpha platform.
BP in November sold parts of its North Sea oil and natural gas assets to Taqa for more than $1 billion.