New reserves of oil found in the North Sea have been described as the biggest in over a decade, according to a report on the BBC’s website. The Buzzard Field, 125km NE of Aberdeen, is expected to yield around 400 million barrels, the report stated. The development will be carried out by the Pan Canadian Energy Corp. and the field is expected to come on-stream by about 2004. UK Energy Minister Brian Wilson welcomed the find as the biggest North Sea discovery in over a decade. Previous estimates were put between 100 million and 200 million barrels from the Buzzard Field. “This is the biggest North Sea discovery since the Nelson Field in 1988 and confirms that there are still huge prizes to be won,” Wilson said in the BBC report.
