Amoco UK Exploration
Makes North Sea FindAmoco U.K. Exploration Co. announced that it struck oil in the North Sea's East Hutton Basin.
Oil was flowing from four locations at the site at a rate ranging from 2,041 barrels of oil a day to 4,699 b/d. The well was drilled to a total depth of 7,261 feet.
The site is 20 miles northwest of Amoco's northwest Hutton field in the East Shetland Basin. Amoco said further appraisal drilling will be necessary.
Amoco has 25.77 percent interest in the block and is the operator. Other interest owners are: Enterprise Oil Plc, 25.77 percent interest; Mobil North Sea Limited, 20 percent; Amerada Hess Ltd, 18.08 percent, and Texas Eastern North Sea Inc., 10.38 percent.
BP Increases Estimate
Of Ula Field Reserves
LONDON - British Petroleum Co. has raised its estimate of the recoverable oil reserves in the Norwegian Ula field by 90 million barrels, to a total of 250 million barrels, the company announced.
The field lies in the Norwegian sector of the North Sea, about 160 miles southwest of Stavanger.
Partners in the Ula consortium are BP Petroleum Development of Norway, Svenska Petroleum Exploration, Den Norske Stats Oljeselskap, Norske Conoco and Conoco Norway Inc., and Pelican & Co.
Seagull Energy Posts
Profit in First Half
Seagull Energy Corp., Houston, reported net earnings for stockholders for the first half of 1987 of $3.5 million or 54 cents a share, on revenues of $78.4 million.
For 1986's first half, Seagull reported a net loss of $5.9 million, or 92 cents per common share, on revenues of $100.5 million.