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
Dividends Declared in the Week of May 6
2024-05-10 - Here is a selection of upstream, midstream and service and supply companies’ dividends declared in the past week.
OFS Sector Loses Jobs, but Trade Org Says Growth Potential Remains
2024-05-08 - According to analysis by the Energy Workforce & Technology Council, the OFS job market may still have potential for growth despite a slight decrease in the sector in April.
Exxon Appoints Maria Jelescu Dreyfus to Board
2024-05-08 - Dreyfus is CEO and founder of Ardinall Investment Management, a sustainable investment firm, and currently serves on the board of Cadiz Inc. and Canada-based pension fund CDPQ.
E&P BW Energy Undergoes ‘Technical’ Ownership Restructuring
2024-05-08 - The restructuring will not involve any change to the ultimate control of BW Energy as the shares currently held by BW Group will be sold to BW Energy Holdings.
Hess Midstream Subsidiary Plans Private Offering of Senior Notes
2024-05-08 - The proposed issuance is not expected to have a meaningful impact on Hess Midstream’s leverage and credit profile, according to Fitch Ratings.