British Petroleum (BP) recently doubled its interest in the U.K. Central North Sea’s Cuzlean development, a gas-condensate field discovered in 2008 that is expected to yield enough gas to meet 5 percent of U.K. demand by 2020 or 2021.
“We are pleased to have deepened our interest in Culzean, and we look forward to helping Maersk make this important central North Sea development a success,” BP Regional President-North Sea Region Mark Thomas said. “This is a challenging time for the industry, and we must continue to work together to ensure that when developments like Culzean, or other projects such as BP’s Quad 204 and Clair Ridge, come online, they can be run as efficiently as possible.”
The Cuzlean development is being handled by Maersk and is expected to begin production by 2019, reaching peak production in 2020 or 2021 and continuing into the 2030s. It is estimated to have the oil equivalent of 250 million to 300 million barrels. BP increased its interest from 16 percent to 32 percent, purchasing the additional stake from JX Nippon.
“BP has been focusing and refreshing its North Sea portfolio by bringing new fields into production, redeveloping and renewing existing producing facilities and divesting some of its more mature or less-strategic assets,” Thomas said. “Our deepening in Culzean further demonstrates our commitment to supporting the development of another U.K. field for the future.”
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