Oil major BP has confirmed a $1billion investment in the North Sea.
The company’s investment is expected to add an additional 15 years to the Eastern Trough Area Project (ETAP) as part of a special life extension project.
BP said it remained committed to the North Sea despite the current economic challenges which has seen the oil price dip below $50 this week.
The area, which is comprised of nine different reservoirs, is considered one of the largest and most commercially complex North Sea oil and gas developments.
Trevor Garlick, regional presidents for BP’s North Sea business, said: “These are challenging times for the industry and we are having to make hard choices.
“Nonetheless, we remain committed to improving the competitiveness of the North Sea and to maximising economic recovery from our fields.”
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