TheJakartaPost

Please Update your browser

Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.

Jakarta Post

BP discovers North Sea oil and gas

  •  

    AFP

London   /   Thu, February 1, 2018   /   04:25 am
BP discovers North Sea oil and gas A woman wears visual reality glasses at the British Petroleum (BP) stand on July 11, 2017 during 22nd World Petroleum Congress in Istanbul. Oil major bosses and energy ministers are meeting at the World Petroleum Congress in Istanbul, with the outlook clouded by the low price of crude oil, currently trading at around 45 dollars a barrel compared with a peak of over 145 dollars in 2008. (AFP/OZAN KOSE )

British energy major BP on Wednesday announced oil and gas discoveries in the North Sea, in a boost for the company and local industry.

The discoveries were made in Capercaillie in the central North Sea, and in Achmelvich, west of Shetland, the company said in a statement.

BP fully owns the Capercaillie well, while the Achmelvich well is a partnership between operator BP (52.6 percent), Royal Dutch Shell (28 percent) and US peer Chevron (19.4 percent).

The Capercaillie well was drilled to 3,750 meters (12,303 feet) and found oil and gas. The Achmelvich well was drilled to 2,395 meters (7,857 feet) and located oil.

"These are exciting times for BP in the North Sea as we lay the foundations of a refreshed and revitalized business that we expect to double production to 200,000 barrels a day by 2020 and keep producing beyond 2050," said Mark Thomas, BP North Sea regional president.

"We are hopeful that Capercaillie and Achmelvich may lead to further additions to our North Sea business."

The announcement comes amid a tough environment for Britain's offshore oil and gas industry, with lobby group Oil & Gas UK claiming that sector employment fell further in 2017 on deep cost-cutting amid Brexit uncertainties and despite rising crude prices.