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Page added on October 15, 2011
4 oil majors in $7.1 billion North Sea investment
Four oil companies say they have won British government approval for a 4.5 billion pound ($7.1 billion) investment in developing a major oil field in the North Sea.
BP, Shell, ConocoPhillips and Chevron are partners in the plan to install two new bridge-linked platforms in the Clair field, west of the Shetland Islands.
Prime Minister David Cameron described the project as “a massive boost for jobs and growth.”
BP said Thursday that production from the new platforms is planned to begin in 2016 and continue for 40 years. The twin units would have a peak capacity of 120,000 barrels per day.
BP has a 28.6 percent stake in the venture, Shell has 28 percent, ConocoPhillips has 24 percent and Chevron 19.4 percent.
3 Comments on "4 oil majors in $7.1 billion North Sea investment"
MrEnergyCzar on Sun, 16th Oct 2011 2:20 am
Those are very low production numbers for such a huge investment. Welcome to Peak Oil.
MrEnergyCzar
Kenz300 on Sun, 16th Oct 2011 2:23 pm
Quote — ” The twin units would have a peak capacity of 120,000 barrels per day.”
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Not much production. Not much impact on the worlds oil supply.
We need to transition to alternative energy before we have a huge price spike or supply shortage. Our economic security and national security will depend on diversification of energy supply and types.
SOS on Sun, 16th Oct 2011 4:03 pm
The production history of oil fields is always much greater than the initial projections. Well investment is usually done on a 15 year time horizon. That model is used ot compare the viability of competing investments. If the time frame were allowed to flucuate the models could be easily manipulated and difficult to compare. At todays prices those wells will gross about 10 million dollars/day. Cost recovery on those wells will be under 5 yrs. A very good investment indeed and another sign we have pleanty of oil at prices we can easily afford.