View all newsletters
Sign up to our newsletters

Support 110 years of independent journalism.

  1. Business
28 March 2013updated 22 Oct 2020 3:55pm

Five questions answered on BP’s £330m Atlantic offshore oil investment

Appraisal drilling.

By Heidi Vella

BP, along with a consortium of other oil and gas companies, announced today it will invest £330m in appraisal drilling in the Atlantic Ocean.

How many appraisal wells will they be drilling?

They will be drilling five appraisal wells over the next two years in the Clair field, located in the Atlantic Ocean, west of Shetland.

The field was originally discovered 35 years ago but initial drilling didn’t start until 2005.

Who are the other members of the consortium?

Select and enter your email address Your weekly guide to the best writing on ideas, politics, books and culture every Saturday. The best way to sign up for The Saturday Read is via saturdayread.substack.com The New Statesman's quick and essential guide to the news and politics of the day. The best way to sign up for Morning Call is via morningcall.substack.com Our Thursday ideas newsletter, delving into philosophy, criticism, and intellectual history. The best way to sign up for The Salvo is via thesalvo.substack.com Stay up to date with NS events, subscription offers & updates. Weekly analysis of the shift to a new economy from the New Statesman's Spotlight on Policy team.
  • Administration / Office
  • Arts and Culture
  • Board Member
  • Business / Corporate Services
  • Client / Customer Services
  • Communications
  • Construction, Works, Engineering
  • Education, Curriculum and Teaching
  • Environment, Conservation and NRM
  • Facility / Grounds Management and Maintenance
  • Finance Management
  • Health - Medical and Nursing Management
  • HR, Training and Organisational Development
  • Information and Communications Technology
  • Information Services, Statistics, Records, Archives
  • Infrastructure Management - Transport, Utilities
  • Legal Officers and Practitioners
  • Librarians and Library Management
  • Management
  • Marketing
  • OH&S, Risk Management
  • Operations Management
  • Planning, Policy, Strategy
  • Printing, Design, Publishing, Web
  • Projects, Programs and Advisors
  • Property, Assets and Fleet Management
  • Public Relations and Media
  • Purchasing and Procurement
  • Quality Management
  • Science and Technical Research and Development
  • Security and Law Enforcement
  • Service Delivery
  • Sport and Recreation
  • Travel, Accommodation, Tourism
  • Wellbeing, Community / Social Services
Visit our privacy Policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
THANK YOU

The consortium is made up of BP Shell, ConocoPhillips and Chevron.

Why have the consortium chosen now to expand drilling in the field?

Clair is expected to hold eight billion barrels of oil, but up until now it has been technically difficult to drill. The government’s new oil and gas strategy, which was unveiled recently, may also have encouraged further production.

The strategy includes the government working with the industry to tackle a looming skills shortage, partly by re-training military leavers to fill some of the 15,000 new jobs anticipated to be created in the oil and gas sector over the next five years. The government will also encourage more technological advancement through research and development, as well as commitment to a new £7m Neptune offshore technology centre of excellence in Newcastle.

What are the consortium’s future plans for the Clair field?

Depending on these initial drilling results up to 12 further wells could be drilled.

It is hoped the appraisal programme will lead to a third phase, taking production well beyond 2050. Any new oil would continue to be pumped by pipeline to Shetland.

Analysts are predicting that the Atlantic could over take the North Sea as the UK’s biggest oil-producing region within 20 years.

What has the Energy and Climate Change Secretary Ed Davey said about this latest development in the Atlantic?

Davey said in a press release:

“This announcement by BP of a two year appraisal programme for the Greater Clair area West of Shetland is excellent news. It shows the industry’s commitment to maximise the potential in this area, which could hold up to 17 per cent of our oil and gas reserves. 

“Greater Clair proves there is still a long future for oil and gas production in the North Sea and will give confidence to new recruits that the industry offers a career for life.”

Content from our partners
Labour's health reforms can put patients first
Data science can help developers design future-proof infrastructure
How to tackle the UK's plastic pollution problem – with Coca-Cola

Select and enter your email address Your weekly guide to the best writing on ideas, politics, books and culture every Saturday. The best way to sign up for The Saturday Read is via saturdayread.substack.com The New Statesman's quick and essential guide to the news and politics of the day. The best way to sign up for Morning Call is via morningcall.substack.com Our Thursday ideas newsletter, delving into philosophy, criticism, and intellectual history. The best way to sign up for The Salvo is via thesalvo.substack.com Stay up to date with NS events, subscription offers & updates. Weekly analysis of the shift to a new economy from the New Statesman's Spotlight on Policy team.
  • Administration / Office
  • Arts and Culture
  • Board Member
  • Business / Corporate Services
  • Client / Customer Services
  • Communications
  • Construction, Works, Engineering
  • Education, Curriculum and Teaching
  • Environment, Conservation and NRM
  • Facility / Grounds Management and Maintenance
  • Finance Management
  • Health - Medical and Nursing Management
  • HR, Training and Organisational Development
  • Information and Communications Technology
  • Information Services, Statistics, Records, Archives
  • Infrastructure Management - Transport, Utilities
  • Legal Officers and Practitioners
  • Librarians and Library Management
  • Management
  • Marketing
  • OH&S, Risk Management
  • Operations Management
  • Planning, Policy, Strategy
  • Printing, Design, Publishing, Web
  • Projects, Programs and Advisors
  • Property, Assets and Fleet Management
  • Public Relations and Media
  • Purchasing and Procurement
  • Quality Management
  • Science and Technical Research and Development
  • Security and Law Enforcement
  • Service Delivery
  • Sport and Recreation
  • Travel, Accommodation, Tourism
  • Wellbeing, Community / Social Services
Visit our privacy Policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
THANK YOU