"These investments will help us extend the life of many of our existing fields and bring new fields on stream to sustain healthy production levels for BP in the North Sea. They will also enable us to keep in place the infrastructure critical for North Sea reserves development," Mr Blackwood said.
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BP: North Sea Field Our Key Assets
The oil giant BP plans to invest $2bn in the North Sea this year
The oil giant BP plans to invest $2bn in the North Sea this year and a further $5bn over the next three years as it exploits new fields and maximises production from existing assets.
Dave Blackwood, the head of BP's North Sea development unit, said, ?By any measure, the North Sea is still a huge part of BP, and the region remains a major component of our future plans globally.?
Some 350 million pounds will be used to develop the Rhum field, the largest undeveloped gas field in the UK with reserves of 800bn cubic feet. The field is described as "complex" because of the high temperature and pressure of the gas, and the distance from the field to the terminal. The company also will develop Clair oilfield and extend of the Magnus field off Shetland.
"These investments will help us extend the life of many of our existing fields and bring new fields on stream to sustain healthy production levels for BP in the North Sea. They will also enable us to keep in place the infrastructure critical for North Sea reserves development," Mr Blackwood said.
"These investments will help us extend the life of many of our existing fields and bring new fields on stream to sustain healthy production levels for BP in the North Sea. They will also enable us to keep in place the infrastructure critical for North Sea reserves development," Mr Blackwood said.
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