BP plans to double North Sea production by 2020

BP plans to double North Sea production by 2020

Energy giant BP has said it wants to double its production in the North Sea by 2020. The renewed ambition comes after BP announced two new oil and gas discoveries off the Shetland Islands last year.

 “We expect to double production to 200,000 barrels a day by 2020 and keep producing beyond 2050,” BP North Sea regional president Mark Thomas told reporters earlier this week.

BP is not alone in reviving interest in the North Sea. Last month Shell said it will build its first new North Sea installation in three decades and a number of private equity firms have taken over production fields vacated by oil majors.

Oil and Gas UK has predicted that up to $5.5bn worth of new capital projects around the North Sea could be approved in 2018.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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