BP and Delek Group-owned Ithaca Energy have started oil and gas production at the Vorlich field in Britain's central North Sea, the companies said on Thursday.
The project is expected to produce 20,000 barrels of oil equivalent per day (boe/d) at its peak and has resources of 30 million barrels of oil equivalent.
BP holds a 66% stake in the field while Ithaca, the operator of the 230 million pound (US$307 million) project, holds the remaining 34%.
It is BP's third of five major projects expected to start up in 2020 as part of a plan to increase the company's production by 900,000 boe/d in the five years to the end of 2021.
More long term, though, BP aims to reduce its overall oil production by 1 million barrels per day, or roughly 40% of total output, by 2030 as part of a shift to renewable energy to lower its greenhouse gas emissions.
Recommended Reading
Seatrium Awarded Contract for FPSO Bound for Guyana’s Stabroek
2024-05-17 - The topsides fabrication and integration contract will be for the FPSO Jaguar, bound for the Whiptail Field in the Stabroek block offshore Guyana for Exxon Mobil.
Seadrill Sells Three Jackups for $338MM to Gulf Drilling International
2024-05-17 - Seadrill Ltd. is also selling its 50% equity interest in the joint venture that operates the rigs offshore Qatar.
Third Suriname Find for Petronas, Exxon Could Support 100,000 bbl/d FPSO
2024-05-17 - A recent find offshore Suriname in Block 52 by Petronas and Exxon Mobil could support a 100,000 bbl/d FPSO development, according to Wood Mackenzie.
US NatGas Flows to Freeport LNG in Texas Seen at Five-month High, LSEG Data Shows
2024-05-17 - The startup and shutdown of Freeport and other U.S. LNG export plants often has a major impact on global gas prices.
US Drillers Add Oil, Gas Rigs for First Time in Four Weeks: Baker Hughes
2024-05-17 - The oil and gas rig count rose by one to 604 in the week to May 17.