BP will invest over £600m in the North Sea next year, according to chief executive Sir John Browne.
Speaking this week, as the company announced record half-year profits of over £4bn, Browne said the company’s North Sea spending in 2001 would focus on the installation of advanced controls on existing fields, projects to enhance oil recovery, and further operations west of Shetland.
Much of the expenditure will go on the £500m initial Clair development and a £300m scheme to take gas from the Foinaven field in the Atlantic via Sullom Voe on Shetland. This will enhance production from the Magnus field in the northern North Sea by 100 million barrels.
BP secured the agreement of the licence partners involved in the Foinaven-Magnus project in July. Following board approval, pipelaying will begin in the first quarter of 2001. `We hope to complete the project by early 2002,’ said a spokesman in Aberdeen.
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