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BP reveals two new North Sea discoveries, plans to double output

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BP has announced two new exploration discoveries in the North Sea.

Oil has been encountered in the Capercaillie well in the Central North Sea and Achmelvich, which lies in the 206/9b block west of Shetland.

Capercaillie, which is 100% owned by BP, was drilled to a total depth of 3,750 metres where light oil and gas condensate was found.

Well data is being evaluated by the firm and options are expected to be considered for a potential tie-back development with existing infrastructure.

The Achmelvich well is operated by BP, which holds a 52.6% stake.

It was drilled to 2,395 metres when oil was discovered – BP says it is evaluating the well results to assess future options.

Mark Thomas, BP North Sea regional president, said: “These are exciting times for BP in the North Sea as we lay the foundations of a refreshed and revitalised business that we expect to double production to 200,000 barrels a day by 2020 and keep producing beyond 2050.

“We are hopeful that Capercaillie and Achmelvich may lead to further additions to our North Sea business, sitting alongside major developments like Quad 204, which came onstream in 2017, Clair Ridge, due to come into production this year, and the non-operated Culzean field, expected to start-up in 2019.”

The news has been welcomed by industry body Oil and Gas UK.

Chief Executive Deirdre Michie said: “BP’s exciting discovery marks a more positive start to 2018 for UK exploration.

“Our competitive fiscal terms, and the strides we have made to bring our finding costs in line with our peers, make the UK Continental Shelf a very attractive basin for doing business.

“While industry continues to build on its efficiency programme, Oil & Gas UK will continue to work closely with stakeholders to ensure no stone is left unturned in our efforts to maximise economic recovery from the basin.”

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