Small explorer Fastnet Oil and Gas said evaluations had shown its Shanagarry project had similar characteristics to nearby producing fields in the central Celtic Sea.
Since announcing the £4.5billion investment to develop the second phase of the giant Clair field (Clair Ridge) West of Shetland (WoS) there has been much talk and debate about the long-term prospects of the UK Continental Shelf (UKCS). Is this project typical? What does it mean for the UK economy? What does it mean for Shetland, and, what does it mean for jobs and employment in the North Sea as a whole?
Premier Oil chief executive Simon Lockett said yesterday he was looking forward to increased exploration by the firm in the next 12 months, including in the North Sea.
Oil giant BP has welcomed measures announced by Chancellor George Osborne today aimed at boosting North Sea investment.
Fledgling oil and gas independent Parkmead Group is to make its first acquisition of producing assets.
DANA Petroleum, the Aberdeen-based oil and gas operator, said yesterday that first oil had been produced from the Ettrick field in blocks 20/2a and 20/3a in UK waters.