BP & Partners Heavily Invest in UK Projects
BP and its partners – Shell, ConocoPhillips and Chevron – are developing four new oil and gas projects that will involve a total investment of almost GBP 10 billion in the UK industry over the next five years and help to maintain BP’s production from the North Sea for decades to come. The UK government granted approval to proceed with the GBP 4.5 billion Clair Ridge project. “The story of the North Sea oil industry has a long way yet to run”, said Bob Dudley, BP’s group chief executive.
Commenting on the approval, UK Prime Minister David Cameron said: “I am delighted to give the go-ahead for this project; this investment is great news for Aberdeen and the country and provides a massive boost for jobs and growth. It shows the confidence that there is to invest in the North Sea – we have cutting edge technology, world class skills and expertise and a UK Government that is committed to do what we can to secure future investment.”
Highest UK North Sea Investment
For BP – whose share of the total investment in the four projects will be around GBP 4 billion – this represents the highest level of annual investment the company has ever made into the UK North Sea. Over the next few years, BP will be bringing on stream more new major project developments in the UK than it has ever done over a comparable time period.
Potential For More
“Although it began over forty years ago, the story of the North Sea oil industry has a long way yet to run. BP has produced some five billion barrels of oil and gas equivalent so far from the region and we believe we have the potential for over three billion more”, said Bob Dudley, BP’s group chief executive.
“After some years of decline, we now see the potential to maintain our production from the North Sea at around 200,000-250,000 barrels of oil equivalent a day until 2030. And we are working on projects that will take production from some of our largest fields out towards 2050.”
Clair Ridge Project
The Clair Ridge project is the second phase of development of the giant Clair field, west of the Shetland Islands. The project, which will install two new bridge-linked platforms with the capability to produce an estimated 640 million barrels of oil, is planned to come on stream in 2016 and to extend production from the greater Clair area to 2050. In addition to the 600 people already working on the project, it will provide hundreds of UK engineering, drilling and oilfield services jobs over the field’s life.