BP’s plans for the UK continental shelf will take the North Sea industry into the second half of this century.
The oil giant is developing the £4.5billion Clair Ridge project, where it hopes to recover 640million barrels of oil over the next 40 years.
As well as the Clair Ridge development 46 miles west of Shetland, BP is also working on the Quad 204 project, which will cost £3billion and involve the redevelopment of the Schiehallion and Loyal fields.
The fields have produced nearly 400million barrels of oil since production started in 1998, but an estimated 450million barrels are still in place.
BP’s focus on major projects west of Shetland and other key developments in the North Sea comes at the same time as the operator offloads interests it does not see as core to its business.
The company has sold nearly £1.8billion of North Sea assets since the start of 2010, with the latest transaction coming last November when Taqa Bratani agreed to buy stakes in several fields for up to £818million.
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