• 1 hour Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 2 hours Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 3 hours OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 4 hours London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 5 hours Rosneft Signs $400M Deal With Kurdistan
  • 8 hours Kinder Morgan Warns About Trans Mountain Delays
  • 14 hours India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 19 hours Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 23 hours Russia, Saudis Team Up To Boost Fracking Tech
  • 1 day Conflicting News Spurs Doubt On Aramco IPO
  • 1 day Exxon Starts Production At New Refinery In Texas
  • 1 day Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 2 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 2 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 2 days China To Take 5% Of Rosneft’s Output In New Deal
  • 2 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 2 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 2 days VW Fails To Secure Critical Commodity For EVs
  • 2 days Enbridge Pipeline Expansion Finally Approved
  • 2 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 2 days OPEC Oil Deal Compliance Falls To 86%
  • 3 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 3 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 3 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 3 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 3 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 3 days Aramco Says No Plans To Shelve IPO
  • 6 days Trump Passes Iran Nuclear Deal Back to Congress
  • 6 days Texas Shutters More Coal-Fired Plants
  • 6 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 6 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 6 days Chevron Quits Australian Deepwater Oil Exploration
  • 7 days Europe Braces For End Of Iran Nuclear Deal
  • 7 days Renewable Energy Startup Powering Native American Protest Camp
  • 7 days Husky Energy Set To Restart Pipeline
  • 7 days Russia, Morocco Sign String Of Energy And Military Deals
  • 7 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 7 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 7 days India Needs Help To Boost Oil Production
  • 7 days Shell Buys One Of Europe’s Largest EV Charging Networks
China Takes Aim At The Petrodollar

China Takes Aim At The Petrodollar

In a potentially disrupting move…

IEA: Oil Prices To Hit A Ceiling In 2018

IEA: Oil Prices To Hit A Ceiling In 2018

Global oil markets appear to…

BP Doubles North Sea Gas Stake as Exploration Chief Prepares to Exit

Subsea Culzean

As BP announced a doubling of its interest in the largest discovered gas field in the North Sea in the last ten years, the company’s exploration head prepares his exit.

On Monday, BP announced that it had doubled its interest the Culzean development at the same time that exploration head Richard Herbert is set to step down this June as BP tries to streamline the upstream executive team under a single leader, James Dupree.

BP raised its position in the Maersk Oil-operated Culzean development from 16 percent to 32 percent as part of BP’s five-year/US$10 billion investment program.

Related: Can Big Oil Survive At Today’s Prices?

The gas field, which lies about 145 miles east of Aberdeen, is expected to come online in 2019 and be large enough to supply 5 percent of UK demand by the time it reaches peak production sometime in 2020 or 2021.

“BP has been focusing and refreshing its North Sea portfolio by bringing new fields into production, redeveloping and renewing existing producing facilities and divesting some of its more mature or less strategic assets,” Thomas added. “Our deepening in Culzean further demonstrates our commitment to supporting the development of another UK field for the future.”

Related: Oil Markets Balancing Much Faster Than Thought

British officials hailed the announcement. "With BP doubling investment in Culzean gas field, the opening of Total's new Shetland facility today and new powers for the Oil and Gas Authority through the UK government's Energy Bill becoming law, this has been a good week for our oil and gas industry," UK Energy Secretary Amber Rudd said.

Discovered in 2008, the gas condensate field has resources estimated at 250-300 million barrels of oil equivalent. Production is expected to start in 2019 and continue into the 2030s, with plateau production of 60,000-90,000 barrels of oil equivalent per day.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News