The Strategist

BP starts oil production at Clair Ridge in the North Sea

11/23/2018 - 13:57

A consortium led by BP, a British oil and gas company, began production at the Clair Ridge project's giant oil field on the British shelf of the North Sea.

Mike Mozart
Mike Mozart
"BP, together with partners Shell, Chevron and ConocoPhillips, today announced the start of oil production of the giant project Clair Ridge to the west of the Shetland region (islands) of the UK shelf," the company said.

The share of BP in Clair Ridge is 28.6%, Shell - 28%, ConocoPhillips - 24% and Chevron - 19.4%.

The Clair Ridge project was the next stage of the exploration of the zone, which was opened in 1977, and has reserves estimated at 7 bln barrels of oil equivalent.

As part of the Clair Ridge project, new platforms and pipelines were built. New facilities cost 4.5 bln pounds of capital investment, calculated for forty years of work. It is expected that production will reach a maximum of 120 thousand bpd. Recoverable reserves of the field are estimated at 640 million barrels of hydrocarbons.

Clair Ridge was the first offshore division of BP's advanced oil production technology, LoSal, through the use of salt water during injection. This is expected to lead to a recovery in reserves of 40 million additional barrels.

Bernard Looney, executive director of BP Upstream, said: "Forty years passed after the initial opening, we are receiving the first products from Clair Ridge." The field has become the largest investments of the company in the UK.