Buzzard soars high marking 500 MMbbl of production

CALGARY, Alberta -- Nexen Petroleum, a subsidiary of CNOOC, has announced that Buzzard field has passed a significant landmark by producing its 500 millionth barrel of oil.

The North Sea development, which was discovered in 2001, has surpassed all expectations with its profilic production capability since it began producing in 2007.

At the time of field approval in 2003, the field was expected to produce 486 MMbbl of oil in its lifetime; however, 12 years later, the field has exceeded this volume and is now predicted to produce more than 850 MMbbl of oil, until 2027.

The field is the largest discovery in the North Sea in the past two decades and Buzzard’s production supplies almost 10% of the UK’s energy needs. In 2013, the development produced 25% of the total UK crude offshore.

The field is also an important asset to the UK economy, and has contributed to significant and sustained economic and social benefits to the country.

At its peak Buzzard was generating over 200,000 boed; however, the field is just now starting to come off plateau rates and will move into a new phase of operations with the Buzzard partners committed to continuing to develop the field in the future to maximize production.

Buzzard field is operated by Nexen Petroleum UK on behalf of partners Suncor Energy, BG Group and Edinburgh Oil and Gas.