UK's BG Group makes big North Sea gas find

LONDON, Sept 1 (Reuters) Britain's BG Group has made one of the biggest recent North Sea gas discoveries in a joint project with U.S. energy company ConocoPhillips and Italy's ENI, BG Group said on Friday.

BG Group called the new field ''substantial'' and estimated its recoverable reserves at between 100 million and 275 million barrels.The consortium would look to move early on developing the field, BG Group said in a statement.

The find comes as production from Britain's established North Sea fields declines, sending energy bills soaring to record levels and triggering a wave of investment in projects to import gas to fill a supply gap.

''This is one of the largest recent North Sea discoveries and represents a highly attractive near-term, near-infrastructure project,'' Mark Carne, BG Group's executive vice president for Europe and Central Asia, said in the statement.

Carne said the discovery, BG's fifth in the North Sea in the last 12 months, reinforced the prospects for BG Group's UK exploration and production business.

The discovery straddles blocks P011 and P0032 30/7a. An initial exploration well was drilled earlier this year and a further well had confirmed the find.

BG holds a 30.5 percent interest in the discovery along with operator ConocoPhillips, which holds a 36.5 percent interest, and ENI UK Limited with 33.0 percent.

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