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Fuel card news: New oil field discovered in North Sea

27 August, 10
A German energy firm has revealed that it recently discovered a major new oil field in the North Sea, which could contain tens of millions of barrels despite earlier concerns resources in the region were running low.

According to the Scotland Herald, Wintershall estimated that the field could hold as many as 100 million barrels of the commodity and is aiming to increase production of oil and natural gas significantly in the coming years.

"The oil majors are dropping their investments and are off to drill in Brazil, but we think there is still a lot of potential in the region," said director Martin Bachmann. "The focus for the next few years is more exploration."

In June, experts claimed there could be up to 300 million barrels within the recently-found Catcher field, in which Wintershall owns a 20 per cent stake.

The news came after Rockhopper Petroleum reported that its latest round of exploratory drilling had failed to find crude oil.

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Posted by Steve ClarkeADNFCR-2675-ID-800042640-ADNFCR

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Fuel card news: New oil field discovered in North Sea