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New oil reserves found off coast of Shetland

15 October, 09
Diesel motorists could benefit from lower fuel prices thanks to a new oil and gas discovery off the west coast of Shetland.

Dana Petroleum said the new reserves are part of the Tornado field, with tests currently being carried out to determine the quality of oil and gas held there.

Engineers drilled to a depth of more than 1,000 metres below sea level to locate the new reserves.

The company's chief executive Tom Cross said the hydrocarbon discovery is very important, as it is positioned in an area in which Dana and its partner Faroe Petroleum already hold strong positions.

"We look forward to the sidetrack well to determine the ultimate size of this new field," he added.

In its recently-released figures for the first half of 2009, Dana announced pre-tax profits of almost £22 million and said it had located six new oil reserves in Morocco, Egypt and the North Sea.ADNFCR-2675-ID-19410997-ADNFCR

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New oil reserves found off coast of Shetland