17 May BP doubles stake in Culzean
Oil major BP (LSE:BP) has doubled its stake in the Culzean gas field in the North Sea as part of a US$10 million investment programme.
The firm has acquired the stake from JX Nippon and it has raised its interests in the Maersk-oil operated field from 16 per cent to 32 per cent.
The gas field lies around 145 miles east of Aberdeen and it’s one of the largest gas fields found in the North Sea in more than a decade.
According to BP, the gas field has resources estimated at 250-300 million barrels. Discovered in 2008, Culzean is due to start production in 2019 and continue into the 2030’s.
Mark Thomas, BP’s regional president north sea region said: “This is a challenging time for the industry and we must continue to work together to ensure that when developments like Culzean, or other projects such as BP’s Quad 204 and Clair Ridge, come online they can be run as efficiently as possible.”
It is anticipated to generate enough gas to meet five per cent of total UK demand when it peaks in production in 2020/2021.