Fossil Energy – Biggest Find North Sea
Deltic Energy, a relatively little-known oil and gas firm, has provided further evidence there is still lots to go for on the exploration front in the North Sea although it may face challenges trying to develop finds in the area.
Deltic Energy said a discovery it made with Shell that previously caused a stir looked to be even bigger than expected.
Following detailed analysis of well results, the company said the Pensacola find could contain around 100 million barrels of oil equivalent (mmboe) recoverable reserves compared with original estimates of 50mmboe.
It suggests the find could be one of the biggest made in the North Sea for years, confounding claims that there after 50 years of drilling there aren’t big discoveries to be made in the North Sea.
Such a find would provide stunning vindication for the firm’s decision to look again at areas that it believed had potential others had underestimated.
Deltic persuaded Shell to buy into the acreage concerned in 2019 amid tough times for the industry.
