Industry body Oil & Gas UK said the announcement by US oil explorer Apache of significant discoveries in the UKCS was proof of the value of continued investment in seismic technology.
Apache revealed earlier today its discoveries at Beryl and 50 miles from the Forties field could hold up to 70 million barrels or recoverable oil.
Further appraisal drilling will take place to help define the upside potential, the company said.
Oil & Gas UK’s operations director, Oonagh Werngren, said: “Oil & Gas UK welcomes the news of Apache’s significant discoveries in the UK sector of the North Sea. Apache and its partners are clearly demonstrating that continued investment in the application of seismic technology in the UKCS can deliver significant rewards.
“Up to 22 billion barrels of oil equivalent remain to be produced on the UKCS and every discovery of recoverable reserves has the potential to make a vital contribution to the economy, employment and energy security of this country.
“Encouragingly, despite the industry’s current challenges, this news comes on the same day as the Oil and Gas Authority announced the completion of the data acquisition stage of the UK Government-funded seismic campaign in underexplored areas of the UKCS, which it is hoped, will shine a light on further opportunities.”
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