BP announced today it has doubled its interest in the Culzean development in the UK Central North Sea, following its acquisition of an additional 16% interest from JX Nippon.
The acquisition increases BP’s interest in the development from 16% to 32%.
“We are pleased to have deepened our interest in Culzean and we look forward to helping Maersk make this important central North Sea development a success,” said Mark Thomas, BP Regional President North Sea Region. “This is a challenging time for the industry and we must continue to work together to ensure that when developments like Culzean, or other projects such as BP’s Quad 204 and Clair Ridge, come online they can be run as efficiently as possible.”
The Maersk-operated Culzean field development, which was sanctioned at the end of August last year, is expected to produce enough gas to meet 5% of total UK demand at peak production in 2020/21.
“BP has been focusing and refreshing its North Sea portfolio by bringing new fields into production, redeveloping and renewing existing producing facilities and divesting some of its more mature or less strategic assets,” Thomas added. “Our deepening in Culzean further demonstrates our commitment to supporting the development of another UK field for the future.”
Discovered in 2008, the gas condensate field has resources estimated at 250-300 million barrels of oil equivalent. Production is expected to start in 2019 and continue into the 2030s, with plateau production of 60,000-90,000 barrels of oil equivalent per day.
Notes to editors:
- The North Sea is an important region for BP where it expects to sustain a significant business for the long term.
- Along with its co-venturers, BP is in the middle of a five year, £7 billion investment programme in the North Sea, including major projects in the Central North Sea and Shetland area.
- BP is continuing to invest in its major projects west of Shetland – Clair Ridge and Quad 204 – both of which will bring important new oil into production.
- BP is also investing significantly in the reliability and integrity of existing assets through an extensive renewal programme.
BP North Sea press office: 01224 833056 / 07917 307430
In order to utilize the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 (the ‘PSLRA’), BP is providing the following cautionary statement. This press release contains certain forward-looking statements concerning the Culzean development in the UK Central North Sea, including expected timing and production levels and estimated resources and concerning future production from Clair Ridge and Quad 204. Actual results may differ from those expressed in such statements. This press release contains references to non-proved resources and production outlooks based on non-proved resources that the SEC's rules prohibit us from including in our filings with the SEC. U.S. investors are urged to consider closely the disclosures in our Form 20-F, SEC File No. 001-06262. This form is available on our website at www.bp.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or by logging on to their website at www.sec.gov SOURCE: http://www.bp.com/en/global/corporate/press/press-releases/bp-doubles-its-interest-in-north-sea-culzean-field-development.html