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BP discovery could radically extend life of North Sea oil industry

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Oil supermajor BP has this morning announced the discovery of a new oil field in the North Sea.

The discovery consists of two finds. One in the Central North Sea, and the other west of Shetland.

The discoveries are of such a volume that production could double to as much as 200,000 barrels a day within two years.
Both wells were drilled by the Paul B Loyd Junior rig in Summer 2017.
(Both wells were drilled by the Paul B Loyd Junior rig in Summer 2017. Image via BP).

So, what exactly do we know about the discoveries?

The Capercaillie well (Central North Sea) was drilled to a depth of 3,750 metres and encountered light oil and gas-condensate in Paleocene and Cretaceous-age reservoirs. The Achmelvich well (west of Shetland) was drilled to a depth of 2,395 metres and encountered oil in Mesozoic-age reservoirs.

In recent years BP has spent billions developing new fields, disposing of old assets and utilising new technologies to hunt out more recoverable resources.

With discoveries such as the one announced today, it’s clear that this strategy is paying dividends.

Mark Thomas, BP North Sea Regional President, commented on the finds saying:

“These are exciting times for BP in the North Sea as we lay the foundations of a refreshed and revitalised business that we expect to double production to 200,000 barrels a day by 2020 and keep producing beyond 2050.”

“We are hopeful that Capercaillie and Achmelvich may lead to further additions to our North Sea business, sitting alongside major developments like Quad 204, which came onstream in 2017, Clair Ridge, due to come into production this year, and the non-operated Culzean field, expected to start-up in 2019.”

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Tags: Oil & Gas
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Aswini Kumar Bariki , 08 February 2018
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BP discovery could radically extend life of North Sea oil industry - Time to read 2 min
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