Germany's E.ON says the size of a gas discovery made in the UK almost two years ago could be significantly larger than it previously thought. The integrated player said data from a recent appraisal well at the Tolmount discovery off the UK could make the find one of the largest discoveries made in this part of the North Sea for several years.
The Tolmouth prospect was a gas discovery unearthed in the second half of 2011. It is located in Block 42/28d to the west of the E.ON-operated Babbage gas field. Tolmount is located about 50 kilometers off the Yorkshire coast. E.ON is operator on 50% with Dana Petroleum on the same stake.
Offshoot E.ON Exploration & Production said ”(The) Tolmount gas discovery ... could contain significantly higher volumes than originally estimated.
The explorer drilled an appraisal well on the discovery which reached its target on 6 July. An 855-metre side-tradck was completed on 30 July.
E.ON board member Jorgen Kildahl said: “This successful discovery in UK is an important step for our growing upstream business. Tolmount will significantly contribute to the implementation of our business strategy.”
Frank Sivertsen, E.ON E&P chief executive, commented: “The well results will now be incorporated into development studies, with the aim of an optimized development in a short timeframe. Tolmount could be one of the largest discoveries made in the southern North Sea in the last decade.
Dana Petroleum, based in Aberdeen, said the Tolmount field could be one of the largest finds in the southern North Sea over the last decade. Dana Petroleum is owned by the Korea National Oil Corporation.
Paul Griffin, UK managing director, said: Although we can't yet confirm the field size, it's clear that there is a strong possibility that Tolmount has the potential to be one of the largest gas discoveries made in the southern North Sea over the last decade.
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Another economic boon for the UK and should help it to attract future manufacturing a bit like the shale boom in the US has.Aug 20th, 2013 - 03:50 am 0
Not that I think that Scotland will vote to leave next year, but is this field off the coast of England or Scotland? Because on my understanding a lot of the infrastructure and companies for North Sea oil are based in Scotland and not England. So potentially an business boom for Scotland though not Scottish.
@1 AnglotinoAug 20th, 2013 - 04:35 am 0
Most of it is off both the Scottish and English coasts.
But it is irrelevant whether Scotland leaves or stays in the Union, as the North Sea Treaty was signed by the UK and not Scotland.
If Scotland cedes, it will also cede from the treaty so one of two things would have to happen:
1. The whole treaty would have to be renegotiated, which may leave Scotland with a lot less than they think they'll get, because all of the signatories would try to grab a bigger share (such as Norway, Denmark etc...) or
2. A deal is reached with the remainder of the UK for Scotland to receive a certain percetage of the revenue, based on population size, which would give them 1/6 of the overall revenue.
But like you, I believe that the Scottish people will vote to remain in the Union, as (from an economic point of view) this isn't a good time to be independent. If Scotland cedes from the UK they also cede from Europe.
What currency would they use? GBP and have their interest rates set by the Bank of England (like they do now), OR apply to join the EU and have the Euro forced on them, and be dictated to by Brussels and the Central European Bank.
When it's looked at in this way, Independence for Scotland isn't actually Independence at all. Just changing one government for another - and at least in the Union they have greater autonomy. In the EU that would be erroded away completely.
Cant really see Scotland voting for independence unless they campaign to do so uses a lot of persuasion and flexible facts - Scotland cant support itself financially... it just can't... and the legal issues with the EU and all other treaties that would need to be re-negotiated (or voided) would present it with insurmountable difficulties in the short and medium term.Aug 20th, 2013 - 02:38 pm 0
So, having said that... they probably will.
(but it would be rather daft)