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BP commits to two new North Sea developments worth £420m
BP has committed to two new North Sea developments at an estimated cost to the oil major of £420m with peak production seen reaching 30,000 barrels gross of oil equivalent per day.
The two new developments, Alligin and Vorlich are satellite fields located near existing infrastructure which means they will be quickly developed, with BP forecasting that they would come on-stream in 2020.
Incoming BP North Sea Regional President Ariel Flores said: "BP is working hard to modernise and transform the way we work and a key focus of this is maintaining safety while optimising the pace at which we deliver activity.
"Through our Alligin and Vorlich developments we are simplifying and accelerating the stages of delivery to improve project cycle time, reduce costs and, importantly, add new production to our North Sea portfolio.
2These projects follow on from a period of record investment by BP in the North Sea which helped deliver our Quad 204 project last year and will deliver our Clair Ridge project which is planned to start-up later in 2018."
Alligin, a 20m barrel recoverable oil field lying 140km west of Shetland, would be tied-back to BP's Glen Lyon floating, production, storage and offloading vessel.
BP and Shell would be joint operators of the field.
Ithaca Energy meanwhile had a 34% operating interest in Vorlich, alongside a 66% interest from BP, which was estimated to have 30m barrels of recoverable oil and lay roughly 240km east of Aberdeen.