Oil & Gas News

BP Announces Acquisition of Interests in the Jock Scott And Craster North Sea Exploration Prospects

BP announced on Tuesday, that it has acquired interests in two North Sea exploration prospects, Jock Scott and Craster, in a further demonstration of the organization’s commitment to the basin.

BP has acquired a 25% interest in the Statoil-operated licenses located to the east of Shetland, P2275 and P2097, which includes the Jock Scott prospect, and a 40% interest in the nearby P2163 and P2147 licenses. Statoil will remain the operator for all of these licenses.

Statoil and BP are planning to drill an exploration well on Jock Scott in mid-2017.

1JockScott COMM JEMORb1 468Map Image credit: Statoil

In the west of Shetland, BP has acquired a 40% interest in the north and a 30% interest in the south of the Nexen-operated license P2062, which includes the Craster prospect. Nexen will remain the operator of the license.

BP and Nexen are also planning to drill an exploration well on Craster in mid-2017.

Mark Thomas, BP North Sea Regional President commented: “Working together with companies such as Statoil and Nexen to access the North Sea’s remaining resource is an important part of our strategy to remain a material North Sea producer, investor and employer for decades to come. We look forward to working with both Statoil and Nexen on these exciting prospects.”

The North Sea is an important region for BP where it expects to sustain a significant business for the long term.

Over the next 18 months, BP plans to participate in up to five exploration wells in addition to drilling approximately 50 development wells over the next 3-4 years.

BP North Sea is set to grow UK production to around 200,000 barrels per day by 2020, with an exciting set of future investment and renewal options capable of sustaining a material business well into the 2030s.

Along with its co-venturers, BP has invested at record levels in the North Sea. In 2016, BP will still invest around $1.8bn of capital investment and $1.6bn running its operations. BP is expecting important new oil production from its major projects Quad204 and Clair Ridge in early 2017 and 2018 respectively.

BP is also investing significantly in the reliability and integrity of existing assets through an extensive renewal program.

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