First oil procured from Buzzard field in North Sea

Oil production from the Buzzard field in the UK North Sea began on January 7, 2007, shareholder BG Group and its co-venturers have reported.

Buzzard is one of the largest field developments in the UK North Sea in more than a decade. With estimated recoverable reserves of over 500 million barrels of oil equivalent it has the potential to deliver approximately 10% of the UK’s annual forecast oil demand at peak rates.

Peak production for 2007 is estimated to be around 200,000 barrels of oil per day and 60 million standard cubic feet of gas per day.

The field is operated by Nexen Petroleum UK Limited and is located 100 kilometers northeast of Aberdeen in the Outer Moray Firth, Central North Sea. BG Group holds a 21.73% interest in the field.