BP said the story of North Sea oil still has a “long way to run” after the company today received the go-ahead for a major £4.5 billion project.
The second phase of the giant Clair field, west of the Shetland Islands, forms part of £10 billion being spent on four projects by BP and its partners from Shell, ConocoPhillips and Chevron over the next five years.
At £4 billion, BP’s involvement represents the highest level of annual investment the company has made in the UK North Sea.
BP chief executive Bob Dudley said: “Although it began over 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 over three billion more.”
At their peak, it is expected that the projects will provide 3,000 UK oil and gas supply jobs and play a part in sustaining the more than 3,500 jobs already existing in BP’s North Sea operations.
Prime Minister David Cameron said the Clair Ridge project, which received the go-ahead from the Government today, would provide “a massive boost for jobs and growth”.
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