BP and GDF Suez E&P UK said they had discovered the field – which spans two areas where the companies have separate licences to explore – in the UK Central North Sea.

A huge offshore oil discovery in Brazil caused shares in UK oil and gas explorer BG to surge for the second successive session today.

BG Group’s first-quarter results took a hit today after the UK-based gas exploration and production company faced lower prices and a fall in the US dollar.

Oil and gas exploration group Tullow today announced updates on three UK Business Unit assets.

A potential recoverable volume of up to 613 million barrels of oil has been identified by Providence Resources from its Blackrock prospect, the company's AGM was told today.