BP Doubles Culzean Field Stake
BP plc has doubled its interest in the Culzean development in the UK Central North Sea to 32 percent, following its acquisition of an additional 16 percent interest from JX Nippon.
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. The Maersk-operated Culzean field development, which was sanctioned at the end of August last year, is expected to produce enough gas to meet five percent of total UK demand at peak production in 2020/21.
“We are pleased to have deepened our interest in Culzean and we look forward to helping Maersk make this important central North Sea development a success,” said Mark Thomas, BP’s North Sea regional president, in a company statement.
“This is a challenging time for the industry and we must continue to work together to ensure that when developments like Culzean, or other projects such as BP’s Quad 204 and Clair Ridge, come online they can be run as efficiently as possible,” he added.
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