BP Doubles Interest in North Sea Culzean Field Development
May 16 2016 - 3:37AM
Dow Jones News
LONDON--BP PLC (BP.LN) said Monday it has doubled its interest
in the Culzean development in the U.K. Central North Sea, following
its acquisition of an additional 16% interest from JX Nippon.
The acquisition increases BP's interest in the development from
16% to 32%, it said.
The Maersk-operated Culzean field development, which was
sanctioned at the end of August last year, is expected to produce
enough gas to meet 5% of total U.K. demand at peak production in
2020/21, BP said.
Discovered in 2008, the gas condensate field has resources
estimated at 250-300 million barrels of oil equivalent. Production
is expected to start in 2019 and continue into the 2030s, with
plateau production of 60,000-90,000 barrels of oil equivalent per
day, the oil major added.
-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
May 16, 2016 03:22 ET (07:22 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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