LONDON (Alliance News) - Oil giant BP PLC on Friday said it delivered first oil production from the Clair Ridge project in the West of Shetland region, offshore the UK.
The Clair Ridge is operated by BP, which holds a 28.6% interest in the project. Royal Dutch Shell PLC holds a 28% stake in the project, with ConocoPhillips and Chevron North Sea Ltd, part of Chevron Corp, holding 24% and 19.4%, respectively.
BP said two new, bridge-linked platforms and oil & gas export pipelines have been constructed as part of the Clair Ridge project.
The project has been designed to recover an estimated 640 million barrels of oil with production expected to ramp-up to a peak at plateau level of 120,000 barrels of oil per day.
At the Clair Ridge, BP said it is using its oil recovery technology, LoSal, which has the potential to increase oil recovery from reservoirs by using reduced salinity water in water injection. This is expected to result in up to 40 million additional barrels being cost-effectively recovered over the 40 years lifetime of the development.
In addition to the platforms, the Clair Ridge project also included new pipeline infrastructure.
"More than 40 years after the original discovery, we have first oil from Clair Ridge, one of the largest recent investments in the UK," said BP Chief Executive Bernard Looney.
"This is a major milestone for our Upstream business and highlights BP's continued commitment to the North Sea region," added Looney.
BP shares were trading 0.1% higher on Friday at 525.60 pence each.
BP (BP.)