[A-List] UK: 'significant' oil find

["Michael Keaney" <michael.keaney@xxxxxx>]

'Significant' oil field found in North Sea
CAMERON SIMPSON
The Herald, December 09 2004

OIL giant ChevronTexaco announced yesterday it had made a "significant oil
and gas discovery" in the North Sea.

A company spokeswoman, was unable to confirm whether the field in the
Faroe-Shetland channel contains as much as 500 million barrels of oil.

But the figure was mooted by Alex Salmond, leader of the Scottish National
Party.

He said: "This is a significant new discovery and certainly a big find. It
supports suggestions that there are still 50 billion barrels of oil in the
North Sea that are yet to be developed.

"That is significantly more than has been extracted from the North Sea so
far and indicates that there is still a great deal more oil in Scottish
waters.

"Over the next two years, the chancellor will take £11bn from Scotland's oil
revenues, bankrolling his budget. This latest discovery coupled with high
oil prices demonstrates the enormous oil wealth that is still to come."

A spokeswoman for ChevronTexaco said: "The figure of 500 million barrels is
purely speculation. It is a significant oil and gas discovery by which we
mean it has potential commerciality. However, further drilling will be
carried out to fully appraise the find."

The discovery was made at the Rosebank/Lochnagar well, which is is located
in 3600ft of water 80 miles from the nearest coast at Eshaness on Shetland.
ChevronTexaco made the find with its partners, Statoil, OMV and Dong.

Gary Luquette, president of ChevronTexaco Upstream Europe, said: "We are
extremely encouraged by the well results. This is an exciting opportunity
and endorses our company's continued commitment to exploration in the
Atlantic Margin test area and ongoing investment on the UK Continental
Shelf."

George Kirkland, president of ChevronTexaco Overseas Petroleum, added: "This
positions the company for continued growth in the region."