BP reveals £700 million oil project move

07/09/2011 10:24 Oil Market

news

The energy major, BP announced that it has won a government approval to invest up to £700 million (USD 1.128 billion) in extracting oil from a North Sea reservoir, creating more than 1,000 jobs.

The Kinnoull oil field, 140 miles north east of Aberdeen, is the largest of three reservoirs that are being developed as part of the Andrew project and contains 45 million barrels of oil equivalent. BP is planning to connect the reservoir to its Andrew platform and enable production to be extended to 2020 and beyond. In order to access the new reservoir, the project will install a new subsea system on to the Andrew platform. Construction will be completed over two years, with the platform expected to shut down for 18 months. Since 1996, Andrew platform has processed and exported more than 200 million barrels of oil and the equivalent of a further 40 million barrels in associated gas.

Daily (14.10.2019): Brent crude climbed by over 2.4% on Friday, following an Iranian tanker explosion in the Red Sea

14/10/2019 11:48:00

Crude oil prices soared on Friday, bolstered by rising tensions in the Middle East following a missile attack on an Iranian tanker. Hence, Brent crude traded 2.4% up at $60.51, while WTI futures rose by 2.2% to $54.70 a barrel.

<READ MORE

Repsol sets up renewables unit

11/10/2019 16:01:00

Spanish oil business Repsol has established a renewable energy subsidiary, Repsol Renovables and plans to have 4.5 GW of clean energy generation capacity in 2025. And the fossil fuel giant claims it already has a clean energy pipeline in place sufficient to hit 90% of that ambition.

READ MORE

Chongqing gas mine plans to build 10 billion square gas field

11/10/2019 15:58:00

Chongqing Daily reporter learned that the gas mine is speeding up the shale gas business and tapping the potential of the old area, and plans to stop the decline and pick up natural gas production by 2020, with natural gas production exceeding 5 billion square meters by 2025 and 8 billion square meters by 2035 and striving to reach 10 billion square meters.

READ MORE