Scotland business

Aberdeen's Bridge Energy signs partnership deal on Asha field

Oil rig
Image caption Bridge Energy has a 20% share in the Asha field which estimated to contain up to 100m barrels of oil

An Aberdeen-based oil company has signed a partnership deal to begin developing the Asha field off Norway.

Bridge Energy has a 20% share in the discovery, which will be developed jointly with the neighbouring Ivar Aasen field.

It estimated the "PL457" Asha find has reserves of up to 100 million barrels of oil equivalent.

Bridge's partners in the field include Wintershall Norge, VNG Norge and E.On Ruhrgas Norge.

The oil reserves at Asha were only confirmed in December.

Tom Reynolds, CEO of Bridge Energy, said: "I am pleased to announce this positive step forward on Asha, which clearly underlines the commerciality of this discovery; less than one month after our resource update and three months after drilling.

"With existing estimates indicating more than 13 million barrels of oil equivalent net recoverable to Bridge from Asha, this agreement both accelerates and unlocks significant value within PL457."

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