LONDON, Jan. 17 (UPI) -- The British government on Thursday announced the biggest discovery of oil in the North Sea in more than a decade -- and developers said the estimates of reserves might rise still further as "appraisals" continue.
The new reserves were located in the Buzzard Field, off the coast of Scotland about 60 miles northeast of Aberdeen. Industry officials said the field could yield 400 million barrels, and possibly more.
Brian Wilson, the government's energy minister, described it as "the biggest North Sea discovery since the Nelson Field in 1988, and confirms that there are still huge prizes to be won" in the region.
"This is a prime example of why we are working so hard with industry to get offshore blocks in the hands of the right operators," the minister said.
About 45 percent of the Buzzard Field is owned by PanCanadian Energy, while Intrepid Energy North Sea holds 30 percent, British Gas 20 percent and Edinburgh Oil and Gas 5 percent.
Alan Booth, managing director of PanCanadian's London-based branch, said the company's appraisal of the reserves was continuing and that estimates of how much could be recovered might rise further, the London Evening Standard newspaper reported.
"These results confirm our long-held belief that the United Kingdom Central North Sea still holds significant rewards for companies committed to exploring in this prolific basin," Booth said.
Initial exploration had suggested that the Buzzard Field reserves might total between 100 million and 200 million barrels. That was before new appraisals were started last summer, officials said.
The U.K. Press Association on Thursday said PanCanadian plans had called for a $1.45 billion development for the field, using two large installations, each with 10,000-ton platforms.
"But the range of work to be done on the field will grow if reserves reach 500 million barrels," the PA said, and "if the figure hits 1 billion barrels, it would be one of the 10 largest finds to date in the area."
