BP and partners invest almost £10bn in oil and gas projects
BP and partners are developing four new oil and gas projects that will see almost £10bn invested in the UK’s oil industry over the next five years.
The investment announcement follows approval from the UK government for BP and partners Shell, ConocoPhillips and Chevron to proceed with the £4.5bn Clair Ridge project, the second phase of development of the North Sea Clair field.
In a statement BP said its £4bn investment Clair and three other projects represents the highest level of annual investment the company has ever made into the UK North Sea.
‘Although it began more than 40 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 more than 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.’
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