BP extends life of North Sea assets with £670m booster

The news comes as a huge boost for the industry which was been under siege as a result of plummeting global oil prices.

BP hopes the investment will secure the future of its Eastern Trough Area Project (ETAP) fields until at least 2030 and regional president Trevor Garlick said the sector was facing challenges but that the company remained committed to improving competitiveness.

He said the main areas of focus were the west of Shetland and central North Sea.

Mr Garlick said: “These are challenging times for the industry and we are having to make hard

choices.

“Nonetheless, we remain committed to improving the competitiveness of the North Sea and to maximising economic recovery from our fields.”

He explained: “BP’s primary areas of focus are the west of Shetland and central North Sea, where we are investing in both new developments such as Clair Ridge and Quad204, and in extending the life of our mature assets.

“Two weeks ago we welcomed the arrival of the Safe Caledonia flotel into the ETAP area, launching the start of a major investment programme to renew the platform and extend its field life.

“In parallel, we are drilling new wells on ETAP’s Machar and Marnock fields, replacing subsea infrastructure, and deploying new technologies to help maximise the fields’ recovery.

“ETAP holds significant potential and we are working to ensure its reliability, efficiency and long-term competitiveness. This project will secure the future of the field until 2030 and beyond.”

Last month, BP reported a sharp fall in profits for the three months to the end of June.