Boost for north east economy
BP reveals oil and gas discoveries in North Sea
New discoveries raise hopes of longer activity in North Sea
BP has made two new oil and gas discoveries in the UK North Sea, providing a further boost to the longer-term prospects of the region.
The company said it had made one discovery in the central North Sea, named Capercaillie, and another west of Shetland, branded Achmelvich. The size of the resource was not disclosed.
The discoveries come at a time of recovery in the oil price to around $70 a barrel which has made production more viable.
With seven field start-ups in 2017, and five set to start in 2018, BP plans to boost its production by 800,000 barrels per day (bpd) by 2020, which will be mostly gas. It produced around 3.5 million bpd last year.
Mark Thomas, BP North Sea regional president, raised the prospect of operating in the region into the middle of the century.
He said: “These are exciting times for BP in the North Sea as we lay the foundations of a refreshed and revitalised business that we expect to double production to 200,000 barrels a day by 2020 and keep producing beyond 2050.”