P.M. BRIEFING : New North Sea Oil Field Described
Occidental Petroleum Corp. said today that a new British North Sea oil field has recoverable reserves of about 100 million barrels.
Los Angeles-based Occidental said the East Piper field, discovered in January, 1988, has an accumulation of high-quality oil located in Block 15/17, about 120 miles northeast of Aberdeen, Scotland. Occidental announced on May 25 that an appraisal well had confirmed the presence of the new field.
The oil field is located about five miles from the pipeline system operated by a consortium of Occidental Petroleum (Caledonia) Ltd. (which has a 36.5% interest), Texas Britain Ltd. (23.5%), LASMO North Sea PLC (20%) and Union Texas Petroleum Ltd. (20%).
Dr. Armand Hammer, chairman and chief executive officer, said, “During the coming months, Oxy and its partners will determine the optimum method of developing the field which will use the Occidental consortium’s nearby pipeline system to bring the oil to market through the Flotta terminal in the Orkney Islands.”
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