Shell Makes Major Brunei Find

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Royal Dutch Shell, Europe's largest oil company, said Brunei Shell Petroleum, the company's joint venture with Brunei's government, made a ''significant'' deepwater oil find off the country's coast. The discovery was made at 3,300, the deepest depths for the venture thus far.

The discover was made using the Noble Phoenix rig, which is owned by Noble Corp. (NE), the third-largest provider of offshore drilling services. The discovery, named Geronggong, is situated in the 3rd Offshore Acreage Area, approximately 100km offshore, Shell said in a statement.

Shell (RDS-A) said the Noble Phoenix was refurbished prior to being deployed in Brunei and that the rig meets the company's standards for deepwater drilling operations.

''I am delighted that the ongoing high success rates of near field exploration in Brunei in the last years have been augmented by this significant volume addition in the deepwater'', said Ceri Powell, Shell's Executive Vice President of Exploration Upstream International, in a statement issued by the company.