BP and GDF SUEZ have made an oil find around 150 miles east of Aberdeen that they think could unlock the potential of a series of so-called stranded assets.
The giants made a discovery spanning two blocks in the Central North Sea that flowed at 5,350 barrels a day, meaning it could be notable in its own right.
However, the discovery may have added significance.
The find was made in an area that contains a number of fields that have not been developed because they are felt to be too small to justify installing the costly infrastructure needed to bring them online.
The latest discovery may persuade oil and gas firms there are enough hydrocarbons in the area to warrant investing in facilities such as platforms and pipelines that a number of fields could access.
Ruud Zoon, managing director of GDF SUEZ's UK exploration and production arm, suggested the find could transform the economics of some nearby fields.
He said: "This is an encouraging exploration discovery in a part of the Central North Sea (CNS) that needs additional volumes of hydrocarbons to open up development options for several stranded discoveries."
The partners will need to complete further testing before deciding whether to proceed with a development.
However, there was already excitement about the implications of the find yesterday.
Oonagh Werngren, operations director of industry body Oil & Gas UK, said: "At a time when exploration in the United Kingdom Continental Shelf is facing severe investment and cost pressures it is heartening to see two UK explorers apply their expertise to understand the risks of the CNS and demonstrate that there are still significant economic plays to be developed within the basin."
The future of the North Sea was a hotly-debated issue in the run up to the recent referendum on Scottish independence.
Business and Energy Minister Matthew Hancock said: "This discovery shows exactly what can be achieved in the North Sea if companies work together."
The head of BP's North Sea business Trevor Garlick said the success provides a clear example of the benefits of firms co-operating in exploration and development work in the area.
He said: "As BP marks its 50th year in the North Sea and as the industry looks to maximise economic recovery from the basin, increasing exploration activity and finding new ways to collaborate will be critical to realising remaining potential. This discovery is a great example of both."
In his recent report on the North Sea, oil services tycoon Sir Ian Wood said co-operation could be key to developing the small fields that are believed to hold a big share of the remaining reserves in the area. He suggested operators could develop clusters of assets.
The well was drilled by GDF Suez under an agreement with BP and three other firms with interests in the area. The partners increased the chances of success by drilling on adjoining blocks.
BP said the well formed part of its active exploration and appraisal programme in the North Sea, which it described as an important region. The company is investing billions of pounds developing giant fields west of Shetland with partners such as Royal Dutch Shell.
GDF SUEZ has built a significant position in the North Sea. Mr Zoon said: "The discovery demonstrates a continuing commitment by GDF SUEZ to an active exploration and appraisal drilling programme on the UK Continental Shelf."
The companies said the well found hydrocarbons on a block on BP-operated licence P363. A side-track onto GDF SUEZ-operated licence P1588 confirmed the find's westerly extension.
BP and Total each have 50 per cent of P363.
GDF SUEZ has 50 per cent of P1588. Germany's RWE DEA has 27.78 per cent. Maersk of Denmark has 22.22 per cent.
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