BP started oil production from redeveloped Schiehallion Area, in the west of Shetland region, offshore UK, company announced Sunday.
On behalf of co-venturers Shell and Siccar Point Energy, BP redeveloped Schiehallion Area, following completion of the multi-billion-pound Quad 204 project in the west of Shetland region, according to company's statement.
Schiehallion and the adjacent Loyal fields were first developed in the mid-1990s and have produced nearly 400 million barrels of oil since production started in 1998.
With the fields’ redevelopment through the Quad 204 project, BP and co-venturers expect to unlock a further estimated 450 million barrels of resources.
BP is planning to double its UK North Sea production to 200,000 barrels of oil equivalent a day (boe/d) by 2020 and sustain a material business in the region for several decades, according to the statement.
Over the next 18 months, BP plans to participate in up to five exploration wells in the UK, in addition to drilling approximately 50 development wells over the next 3-4 years, said in the press release.
“The start of production from Quad 204 marking a return to growth for our North Sea business. It also underpins our expectation for growing production and cash flows from our Upstream business over the coming few years.” Bob Dudley, BP Group Chief Executive, said in the press release.
Company proclaimed that, since the Quad 204 project was sanctioned in 2011, over £2 billion of contracts have been awarded to UK companies.
By Muhsin Baris Tiryakioglu
Anadolu Agency
energy@aa.com.tr