2 February, 2008

OIL company BP and its partner Marathon Petroleum yesterday (Friday) announced a further oil discovery west of Shetland.

A successful exploration well was drilled, using the Paul B Loyd Junior semi-submersible drilling rig, 11 kilometres south west of the existing Foinaven field, in two and half kilometres of water.

BP, together with its partner, is now evaluating the discovery and the potential for a two well subsea development, tied back to the Foinaven floating production and storage vessel.

Dave Blackwood, head of BP's North Sea business, said: "Discoveries like this are key to the future of the North Sea and will make best use of the existing offshore infrastructure.

"BP is always looking for new opportunities to invest, particularly around our existing acreage to extend the life of the North Sea."

The discovery was made in block 204/23. The project is operated by BP which holds a 72 per cent share with Marathon owning the remaining 28 percent.