BP has announced today that it has doubled its interest in the UK Central North Sea Culzean development, following the acquisition of an additional 16% interest from JX Nippon.
With this acquisition, BP increases its interest in the development from 16% to 32%, the company informed.
“BP has been focusing and refreshing its North Sea portfolio by bringing new fields into production, redeveloping and renewing existing production facilities and divesting some of its more mature or less strategic assets”, said Mark Thomas, BP Regional President for the North Sea Region.
BP Doubles Interest In Offshore Culzean
The Culzean field development, operated by Maersk, is expected to produce enough gas to meet 5% of total UK demand at peak production in 2020/21.
The gas condensate field was discovered in 2008 and its resources are estimated to be 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.
“Our deepening in Culzean further demonstrates our commitment to supporting the development of another UK field for the future”, Thomas stated. “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”, he stated further.
“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 executive explained.
BP is currently in the middle of a five year, £7 billion investment programme which includes major projects in the Central North Sea and Shetland area, while it continues to invest in its major projects west of Shetland – Clair Ridge and Quad 204 – both of which will bring important new oil production.