28/03/2013

Oil Consortium Invests £330m In North Sea

More than £330m is to be invested in an appraisal drilling programme at Clair, West Scotland.

The consortium of oil companies hope the investment will help further develop the North Sea field.

BP are leading the consortium and said drilling had already started on the first of five wells planned over the next two years.

Depending on initial results, up to 12 wells could be drilled.

The announcement follows the UK government's unveiling of a new oil and gas strategy.

Clair is known as a "monster" field as it holds around eight billion barrels of oil, but it had been technically difficult to bring ashore.

BP, alongside Shell, ConocoPhillips and Chevron, hope the appraisal programme will lead to a third phases which would take production of the field beyond 2050. New oil would continue to be pumped by pipeline to Shetland.

BP North Sea regional president Trevor Garlick said: "This is a major milestone and a further big commitment to the west of Shetland by BP and its co-venturers. If successful, the appraisal programme could pave the way for a third phase of development at Clair - this is now a real possibility."

(JP/CD)

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