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LONDON, Aug 5 (Reuters) - British oil major BP willspend $1 billion to increase output from oil fields off theeastern coast of Scotland, it said on Wednesday, at a time whenoil companies are seeking to exit the ageing UK North Sea basin.
The investment in the Eastern Trough Area Project (ETAP)would secure the future of the field until 2030 and beyond, BPsaid in a statement.
"These are challenging times for the industry and we arehaving to make hard choices," BP said in a statement.
"Nonetheless, we remain committed to improving thecompetitiveness of the North Sea and to maximising economicrecovery from our fields."
ETAP is an integrated development of nine different fields,of which six are operated by BP and the other three by RoyalDutch Shell. Production, which started in 1998, is ataround 120,000 barrels per day, according to BP's website.
The North Sea has struggled in recent years to attractinvestment due to high operating costs, an unattractive taxregime and decreasing output in the basin, whose productionpeaked in the late 1990s. Many companies are seeking to exit theregion, further pressured by the halving of oil prices to $50 abarrel over the past year.
Trade body Oil & Gas UK welcomed the investment.
"Given the harsh business environment upstream oil and gascompanies currently face...industry as a whole is putting agreat deal of effort into improving the performance of itsassets," Oil & Gas UK Chief Executive Deirdre Michie said in astatement. (Reporting by Ron Bousso; additional reporting by ClaireMilhench; editing by Susan Thomas)
