Golden Eagle Delivers First Oil
Posted on: 14/11/2014

The Golden Eagle oil project, operated by Nexen- subsidiary of China National Offshore Oil Corporation (CNOOC), delivered its first oil on 30th October 2014.

Golden Eagle Area Development (GEAD), the UK North Sea’s largest oil field discovered in the past decade, is located 70km northeast of Aberdeen and includes development of Golden Eagle, Peregrine and Solitaire Fields. Owned by Nexen (36.54%), Maersk oil North Sea UK (31.56%), Suncor Energy UK (26.69%) and Edinburgh oil & gas (5.21%), GEAD has been explored since 2007 (during which time it has created over 2,500 jobs).

The recent extraction of oil is promising news for the North Sea Oil, which has been on decline for the past seven years as it suggests oil reserves still remain there. GEAD currently has two wells drilled with a potential of 18,000 BPD, however as the project develops this will increase to 15 wells, offering up to 70,000 BPD by 2015.

CNOOC Chief executive Li Fanrong reported that “GEAD was delivered on schedule, on budget, and to world class safety standards”. If work continues according to these current expectations then this project can expect a yield of over 400 million barrels of oil over the next 18 years.

Considering the current oil slump that we have seen within the UK, this new delivery is extremely encouraging for the future of both the North Sea and the UK oil industry as a whole.

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