BG Scores North Sea Oil and Gas

BG Group has found oil and gas in the Norwegian part of the North Sea, according to an announcement by the Norwegian Petroleum Directorate.

The discovery was made in an exploration well in production license PL292, near the Varg field, where field development studies are now being initiated.

Preliminary estimates indicate recoverable reserves of between three and five million cubic metres of oil equivalent, according to the Directorate.

BG Group holds 60 percent of the license while Swedish company Lundin controls the remaining 40 percent.

The news follows an announcement yesterday by Norwegian giant StatoilHydro, which made two oil and gas discoveries in the Oseberg area of the North Sea.

By Ozge Ibrahim