Spirit Energy and Dana Petroleum have announced plans to spend £140m ( £35m ) drilling a new well in their UK oil field in the North Sea , which the companies say could prolong production to seven million . the end of 2019 , Spirit Energy invested £35m into the field to open its third production well. The contract for Teekay’s The field has produced 24 million barrels since being approved 10 years ago , compared to a forecast production of seven million . The new well is expected to start operation before the end of 2019 . The field is majority owned by Spirit , 83% , with the remaining 17% being held by Dana .
Spirit Energy and Dana Petroleum have announced plans to spend £140m ( £35m ) drilling a new well in their UK oil field in the North Sea , which the companies say could prolong production to seven million . the end of 2019 , Spirit Energy invested £35m into the field to open its third production well. The field has produced 24 million barrels since being approved 10 years ago , compared to a forecast production of seven million . The new well is expected to start operation before the end of 2019 . The field is majority owned by Spirit , 83% , with the remaining 17% being held by Dana .