March 29, 2013

Important Offshore Shetland Field Appraisal Agreed

BP & its co-venturers Shell, ConocoPhillips and Chevron to look at development of a third phase of the giant Clair field west of Scotland's Shetland Isles.

Trevor Garlick, Regional President for BP North Sea, said: “This is a major milestone and a further big commitment to the west of Shetland by BP and its co-venturers. If successful, the appraisal programme could pave the way for a third phase of development at Clair - this is now a real possibility.”

The initial commitment involves a two year programme to drill five appraisal wells. This could increase to between eight and twelve wells, depending on results from these first wells. Drilling of the first well commenced recently.

The objectives of the programme are to provide greater certainty on overall reservoir volumes, including their distribution and fluid characteristics; to evaluate technologies to improve recovery from Greater Clair; and to test the possibility of new standalone developments and linkages to Clair Ridge.

Edward Davey, UK Energy and Climate Change Secretary, said: “This announcement by BP of a two year appraisal programme for the Greater Clair area West of Shetland is excellent news. It shows the industry’s commitment to maximise the potential in this area, which could hold up to 17% of our oil and gas reserves."

John Hayes, Energy Minister, said: “Greater Clair is extremely significant as it reinforces West of Shetland as an important area of future oil and gas development.

The initial investment in the appraisal programme will be greater than $500 million gross.


 

ChevronConocoPhillipsClair Ridge