23 May BP recommences production at £4.4 billion North Sea project
BP (LSE:BP) has announced that oil production has resumed at its Quad 204 project in the North Sea, following a £4.4 billion (US$5.7 billion) redevelopment programme.
The British multinational closed operations at the project located off the coast of the UK, West of the Shetland Islands back in 2013, citing a need to modernise its facilities.
The redevelopment will allow BP and its partners in the project, Royal Dutch Shell and Siccar Point Energy, to extend the life of the fields to 2035, and could potentially unlock an additional 450 million barrels.
It will also enable BP to double its current production in the North Sea to 200,000 barrels per day (bpd) by 2020.
BP’s chief executive Bob Dudley said: “The start of production from Quad 204 – one of the largest recent investments in the UK – is an important milestone for BP.
“It also underpins our expectation for growing production and cash flows from our upstream business over the coming few years.”
The redevelopment within the Schiehallion area of the North Sea is the third of seven major upstream projects BP aims to start this year around the world.