BP, Co-Venturers to Redevelop N. Sea Fields for $4.8B

BP and partners will redevelop the Schiehallion and Loyal oil fields in the North Sea. Both fields have produced nearly 400 MMbbl of oil since 1988, and an estimated 450 MMbbl of resources are still available.

The redevelopment will take production out to 2035 and possibly beyond, stated the operator. The Quad 204 project entails replacing the existing Schiehallion FPSO with a new FPSO, that will measure 270 meters long by 52 meters wide, process and export up to 130,000 bopd and store about 1 million barrels. The FPSO is scheduled for installation in 2015.

The consortium will also upgrade and replace the subsea facilities to enable the full development of the reserves. The new facilities will commence production in 2016. BP will have a 36.3% interest in the new FPSO; Shell will hold 36.3%; Hess will hold 12.90%; Statoil will hold 4.84%; OMV will hold 4.84%; and Murphy will hold 4.84%. 

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