BP's Clair Ridge Commences Production After Four Decades
Zacks Investment Research | Nov 23, 2018 06:59AM ET
BP plc (LON:BP) (NYSE:BP) commenced production at the Clair Ridge oil field in the U.K. North Sea. The field is considered as one of the country's biggest new oil developments in decades. The company anticipates production to peak at 120,000 barrels of oil per day.
Located 75 kilometers (47 miles) west of Shetlands, the Clair Ridge project represents the second phase of the Clair field. The first phase commenced production in 2005, while the third phase is under evaluation. Discovered in 1977, Clair is expected to produce for the next four decades. The project is estimated to hold recoverable volumes of 640 million barrels of oil.
Besides, two bridge-linked platforms, the Clair Ridge project will comprise a new oil and gas pipeline linked to the Clair export pipeline. The pipeline will be used to export oil to the onshore Sullom Voe terminal.
The other partners in the field include Royal Dutch Shell (LON:RDSa) plc Zacks Investment Research
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