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Share Price: 460.00
Bid: 459.60
Ask: 459.80
Change: 0.00 (0.00%)
Spread: 0.20 (0.044%)
Open: 460.30
High: 463.35
Low: 458.30
Prev. Close: 460.00
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CORRECTED (OFFICIAL)-BP starts North Sea Quad 204 field upgrade drilling

Wed, 29th Apr 2015 13:37

(Company corrects production start to Q4 2016 from early 2017)

LONDON, April 29 (Reuters) - BP said on Wednesday itstarted a seven-year deep water drilling campaign in the Loyalfield in the UK North Sea as part of a $3 billion drive todevelop the ageing oil and gas basin.

The redevelopment of the Loyal and adjacent Schiehallionfields, known as Quad 204, seeks to tap into an estimatedadditional 450 million barrels of oil equivalent to help extendproduction from the fields to 2035, BP said.

The development involves the installation of a new floating,production, storage and offloading vessel, the Glen Lyon, whichis due to arrive in the North Sea in 2016. It will be able toexport up to 130,000 barrels of oil a day and store up to 1million barrels.

Production is expected to start in the fourth quarter of2016, a company spokesman said.

New subsea pipelines are expected to be installed this year,BP said.

The two fields, located around 100 miles west of the Shetlanislands, produced nearly 400 million barrels of oil sinceproduction started in 1998, BP said.

The drilling in the Loyal field will be carried out by theDeepsea Aberdeen rig which is operated by Odfjell Drilling.

BP and rival Royal Dutch Shell each have a 50 percentinterest in the Loyal field. Schiehallion is owned by BP, Shelland Austria's OMV. (Reporting by Ron Bousso, additional reporting by ClaireMilhench; editing by Jason Neely and David Evans)

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Houthis launched series of attacks, latest on Monday

*

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18 Dec 2023 17:40

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Trades   Bids     Offers   Prev.    Sellers  Buyers
(vol.) Trades
Ebob $727.50
Barges
MOC
Platts E5
(fob ARA)
<EUROBOB-
ARA>
Ebob $728
Barges
E10
Platts(fo
b ARA)
Ebob $735.50 Varo, Trafigu
Barges (4KT) Glencor ra
Argus e
E5(fob
AR)
Ebob $727 Shell, Varo,
Barges 11KT Exxon Totsa
E10 Argus
(fob AR)
Jan. swap $741.25 $725.25
fob ARA
Premium
Unleaded
(fob ARA)
<PU-10PP-
ARA>
Cargoes
(fob MED)
Cargoes
(cif NWE)
Naphtha Jan
(cif NWE) +$14
<NAF-C-NW
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Ebob crack (per barrel) $8.6 Prev. $9.7
Brent futures
Rbob
Rbob crack <RBc1-CLc1>
(Reporting by Ahmad Ghaddar; Editing by Mark Porter)

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