BP plc (LON:BP.) has unveiled new oil discoveries in wells drilled in the North Sea this summer.
The Capercaillie well, in the Central North Sea, made a light oil and gas-condensate discovery which could be tied into existing infrastructure.
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In the West of Shetland area, the Achmelvich well discovered oil and it is now being evaluated.
“These are exciting times for BP in the North Sea as we lay the foundations of a refreshed and revitalised business that we expect to double production to 200,000 barrels a day by 2020 and keep producing beyond 2050,” said Mark Thomas, BP president for the North Sea.
“We are hopeful that Capercaillie and Achmelvich may lead to further additions to our North Sea business, sitting alongside major developments like Quad 204, which came onstream in 2017, Clair Ridge, due to come into production this year, and the non-operated Culzean field, expected to start-up in 2019.”
Positive start
Elsewhere, the discoveries were lauded by offshore industry group Oil & Gas UK.
“BP’s exciting discovery marks a more positive start to 2018 for UK exploration,” said Deirdre Michie, Oil & Gas UK chief executive.
“Our competitive fiscal terms, and the strides we have made to bring our finding costs in line with our peers, make the UK Continental Shelf a very attractive basin for doing business.
“While industry continues to build on its efficiency programme, Oil & Gas UK will continue to work closely with stakeholders to ensure no stone is left unturned in our efforts to maximise economic recovery from the basin.”