Brunei Shell Petroleum (BSP) - a Brunei Government Royal Dutch /Shell joint-venture - made an important new oil discovery three kilometres offshore in the Seria North Flank and a previously un-drilled part of the field last October 2004, after 75 years since it first oil strike in 1929.
There are up to 20 similar structures in the area, said Mr Mark Carne, MANAGING Director of BSP. He estimated total recoverable oil of up to 100 million barrels from the whole of the Seria North Flank.
BSP is now proceeding to accelerate further exploration, appraisal and development of Seria's North Flank.
It said additional reserves will be BOOKED once technically and economically matured project plans are approved.
Brunei Shell Petroleum (BSP) a Brunei Government Royal Dutch/Shell joint venture was for years the only oil producer and operates the country's only oil refinery, till a second consortium was set up in the early 80s between Total Fina Elf and locally based Jasra International Petroleum.
Total Fina Elf owns 60% of the consortium that operates in Block J, followed by BHP Billiton with 25% and Amerada Hess with 15%. The Block K group meanwhile consists of Shell (50%), Conoco (25%) and Mitsubishi (25%).