Four energy majors in a huge North Sea investment

17/10/2011 13:00 Oil Market

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The UK oil giant, BP, alongside its partners Chevron, ConocoPhillips and Shell have won the British government approval to invest US$15.7 billion (GBP10 billion) in the development of a huge oil field in the North Sea over the next five years.

The oil majors are looking to the Arctic basin as they want to replace production from declining fields and discover new sources of oil to meet the world’s growing demand for energy. According to BP declarations, the production from the new platforms is likely to begin in 2016 and continue for 40 years. BP is confident that the production in the North Sea can be maintained at around 200,000 to 250,000 barrels of oil equivalent a day until 2030 and the company's largest fields may produce until 2050. BP holds a 28.6 percent interest in the joint venture, while Shell has 28 percent, ConocoPhillips-24 percent and Chevron 19.4 percent.

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