BP is to invest around £670m to extend the life of its North Sea assets. The investment will be made in its Eastern Trough Area Project (ETAP) with the main areas of focus being west of Shetland and the central North Sea.
BP are investing in a number of new developments including Claire Ridge, Machar and Marnock fields and replacing older infrastructure to help ‘maximise the fields recovery.’
It is hoped the investment will secure the ETAP fields to 2030, and possibly beyond.
Industry body Oil and Gas UK’s Chief Executive, Deirdre Michie, said: “Given the harsh business environment upstream oil and gas companies currently face, with the oil price more than halved since this time last year, industry as a whole is putting a great deal of effort into improving the performance of its assets – and that is something we’ll look to explore in further detail in our 2015 Economic Report next month.”
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