The energy company plans to start drilling for commercial quantities of oil in several sites in the Wessex Basin, Hampshire, on the south Devon coast and across the Solent on the Isle of Wight.
Norwest Energy believes that these sites could represent a major energy find, holding up to 100 million barrels of oil.
Peter Munachen, chief executive of the company, explained: ‘Every one of these leads has the potential to exceed the minimum threshold of 400,000 barrels.'
BP has long operated at nearby Wytch Farm, which is tucked away in the forests of the Isle of Purbeck on the south shore of Poole Harbour. Since the discovery of oil at Wytch Farm in 1973, the Wessex Basin has been largely unexplored.
Mr Munachen believes that the latest finds represent a major breakthrough—the most significant in the past 40 years.
He added: ‘Although the lead sizes are considerably smaller than the Wytch Farm field, the proximity of our leads to Wytch Farm, together with commercial thresholds in the 400,000 barrel range, indicates the chances of achieving future commercial success are significant.'
The company will explore the sites in conjunction with Wessex Exploration.
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