Second phase of the giant Clair field, west of the Shetland Islands, forms part of �10bn being spent on four projects by BP and its partners
BP said the story of North Sea oil still has a "long way to run" after the company today received the go-ahead for a major �4.5bn project.
The second phase of the giant Clair field, west of the Shetland Islands, forms part of �10bn being spent on four projects by BP and its partners from Shell, ConocoPhillips and Chevron over the next five years.
At �4bn, BP's involvement represents the highest level of annual investment the company has made in the UK North Sea.
BP chief executive Bob Dudley said: "Although it began over 40 years ago, the story of the North Sea oil industry has a long way yet to run.
"BP has produced some 5bn barrels of oil and gas equivalent so far from the region and we believe we have the potential for over 3bn more."
At their peak, it is expected that the projects will provide 3,000 UK oil and gas supply jobs and play a part in sustaining the more than 3,500 jobs already existing in BP's North Sea operations.
Prime minister David Cameron said the Clair Ridge project, which received the go-ahead from the government on Thursday, would provide "a massive boost for jobs and growth".
Scotland's first minister Alex Salmond said: "This massive new investment by BP and its partners is extremely welcome and confirms that the offshore industry has a key role to play in generating jobs, skills and revenue for decades to come.
"With up to 40% of oil and gas reserves still to be extracted and well over half of the revenues still to be generated, the UK government needs to give more certainty to the industry and restore confidence that has been badly dented by the Treasury's conduct this year.
"As today's announcement demonstrates, there is plenty of life left in the industry. Indeed, if it had not been for the budget blow, it would be at the centre of an unprecedented boom in jobs and investment, not just in the west coast frontier area but in the marginal and brownfield places hardest hit by the tax hike.
"Concern remains over lost jobs and investment in the more challenging and mature fields and David Cameron should take the opportunity of his visit to Aberdeen to promise that at long last there will be a substantive response to the Scottish government proposals sent to the Treasury in June, suggesting options to incentivise activity, particularly a rate-of-return allowance."
Source: http://www.guardian.co.uk/business/2011/oct/13/bp-north-sea-oil-field-shetland-islands
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