25 February, 2009

ABERDEEN-based oil company Dana Petroleum announced yesterday (Tuesday) they had found a significant new oil field about 60 miles north east of Unst.

The drilling well at South East Rinnes is the third oil field discovered in the area, and is located close to their Hudson and Melville fields.

The company said they found “high quality crude oil” similar to neighbouring fields, and estimates there are reserves of around 80 million barrels in the Rinnes-Hudson-Melville region.

The company is now carrying out engineering studies to see how the oil can be brought ashore.

Chief executive Tom Cross said: “This is an excellent discovery which has exceeded our expectations. Finding a third oil field in the Rinnes area is an important and very valuable result for Dana. The three Rinnes oil fields, together with the Melville oil field, should now lead to a substantial new oil development in this part of the North Sea.”