BP Begins Drilling On Carboniferous Prospect In North Sea
Zacks Investment Research | Dec 07, 2016 09:16PM ET
BP plc (LON:BP) (NYSE:BP) recently announced that it has commenced drilling on a new carboniferous prospect in southern North Sea. BP’s price chart reveals that it has moved almost at par with the Zacks sub industry Oil & Gas-International Integrated Market, year to date. While the broader market has increased by 14.5%, BP stock has gained 14.8%. The impact of the aforesaid announcement on the stock price remains to be seen.
BP believes that drilling on a potential carboniferous gas play in southern North Sea block 43/26a will unveil a new phase of development in the region, if successful.
The well being drilled by BP, along with partners Perenco and Premier, will assess the potential of a deep carboniferous age horizon several hundred meters below the mature reservoirs created by the Ravenspurn ST2 platform.
Perenco – the operator of the existing producing Ravenspurn field – will act as substitute operator for BP and the other license owners during the drilling and testing phase.
BP holds an interest of 85% in the prospect. Perenco and Premier hold 10% and 5%, respectively.
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