Huge North Sea oil find enough to produce for over thirty five years

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  By Martin Kelly
 
An oil field, described as one of the biggest untapped resources in the North Sea, is set to produce oil until 2050, it has emerged.
 
The Bentley Field, which is due to be drilled by Xcite Energy, has up to 777 million barrels of oil reserves, the company has revealed.

  By Martin Kelly
 
An oil field, described as one of the biggest untapped resources in the North Sea, is set to produce oil until 2050, it has emerged.
 
The Bentley Field, which is due to be drilled by Xcite Energy, has up to 777 million barrels of oil reserves, the company has revealed.

The oil field, located to the East of Shetland, is due to begin production next year.  The firm said it plans to use enhanced oil recover techniques right from the start to maximise recovery. 

Xcite Energy is one of the first firms to implement recommendations contained in the Wood Review.  Sir Ian Wood called for increased collaboration between companies, particularly focused around access to infrastructure and improved data sharing.

Rupert Cole, Xcite Energy chief executive, said: “With the industry beginning to recognise what can be achieved with an enhanced partnership model and the collaboration initiatives noted from the recently published Wood Review, I am very pleased that the efforts of the team are translating into commercial agreements to develop the Bentley field.”

The discovery is said to be one of the biggest in decades and will see an estimated 57,000 barrels of oil per day produced.

The announced find comes just days after Aker Solutions confirmed a £150 million investment in a new complex in Dyce, committing to lease the site for up to 35 years.

Commenting, SNP MSP Maureen Watt said:

“This major oil find to the east of Shetland is a very encouraging development that will secure jobs and investment for decades to come.

“The record levels of investment that oil & gas companies have been making in the waters off Scotland have not happened by accident.

“These firms know that the sector has a bright future ahead of it in the decades to come and are determined to maximise production levels.

“It is also particularly pleasing to see that oil companies have taken Sir Ian Wood’s recommendations to heart and are making an effort to collaborate more closely.

“No matter how much the No campaign may wish to portray Scotland’s oil & gas resources as some kind of burden, the fact is that the industry is buoyant and will contribute to Scotland’s economy for decades to come.  With a Yes vote next month we will be able to harness our oil and gas resources so that they benefit people in Scotland for generations.”