BP is expecting first oil from its North Sea Quad 204 project later this month, according to chief financial officer Brian Gilvary.
He made the statement on the back of the super-major’s first quarter results, which saw replacement cost profits treble to nearly $1.5 billion, up from $532million a year earlier.
Gilvary said that the seven projects previously announced to come on-stream this year would add 800,000 barrels of oil equivalent per day by 2020.
And he said that the upstream operations remain “ahead of schedule and 15% under budget”.
The first of the seven , the Trinidad onshore compression project came on-stream last month.
BP holds a 36% interest in the Columbus Basin focused LNG scheme.
Another three global projects are expected to be online by mid-year – including Quad204, the £3bn redevelopment of the Schiehallion and Loyal fields.
Quad 204 is expected to last to 2035 and is in final stages of commissioning.
First oil is expected later this month.
Gilvary told investors: “This is an important year of delivery in the upstream, particular with the start up of our suite of major projects.
“We have made a good start to this and have confidence in the plans we have laid out. You should see the outcome of this become increasingly visible through this year as production ramps up.
“We will continue to make disciplined capital portfolio choices within our extensive global hopper of resource prospects and we will continue exit unattractive positions.”
Gilvary told shareholders that the West Nile Delta project is ahead of schedule, with both the Taurus and Libra fields ramping up.
The oil major is expected to develop 5 trillion cubic feet of gas resources and 55 million barrels of condensates from the two operated offshore concession blocks.
In Trinidad, a subsea installation and hookup campaign for the Juniper facility 50 miles off the coast is now complete, with startup expected around the middle of this year.
Projects in Oman, off the coast of Australia and elsewhere in Egypt are also penciled in for start-up this year, Gilvary said.
Recommended for you
