BP provides boost for Bentley

BP Oil International (BPOI) has agreed to provide offtake services to market and sell crude from the planned Bentley heavy oil development in the UK North Sea.

Offshore staff

ABERDEEN, UK -- BP Oil International (BPOI) has agreed to provide offtake services to market and sell crude from the planned Bentley heavy oil development in the UK North Sea.

According to Bentley operator XCite Energy Resources, BPOI will in exchange receive an incentive-based fee per barrel, based on the prevailing Brent crude price.

Subject to conditions, an associated BP company will also procure $20 million of financing from a commercial bank for Xcite Energy, with credit support from BP, to assist with the full development of the field. Terms for this arrangement will be negotiated in due course.

01/28/2010

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