BP farms into drill-ready North Sea licenses

BP has acquired interests in two exploration prospects in the UK North Sea.

Offshore staff

ABERDEEN, UK --BP has acquired interests in two exploration prospects in the UK North Sea.

The company has secured 25% of the Statoil-operated licenses P2275 and P2097 east of Shetland, which include the Jock Scott prospect, and 40% of the nearby P2163 and P2147.

Statoil, which will remain operator, plans an exploration well on Jock Scott in mid-2017.

West of Shetland,BP has acquired a 40% interest in the north and a 30% interest in the south of the Nexen-operated license P2062, containing the Craster prospect.

The two companies plan to drill an exploration well on the structure in mid-2017.

Over the next 18 months, BP expects to participate in up to fiveUK offshore exploration wells in addition to drilling around 50 development wells over the next three to four years.

The company aims to grow its UKproduction to around 200,000 b/d by 2020, and to sustain a material business in the sector well into the 2030s.

This year, it has committed to $1.8 billion of capital investment offshore the UK and $1.6 billion on running its operations.

It anticipates first oil from itsQuad204 and Clair Ridge developments West of Shetland in early 2017 and 2018 respectively.

11/28/2016

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