BP’s stake in Clair swells as swap deal wrapped up

Clair Ridge is the second phase of development of the massive Clair field, 45 miles off Shetland.
Clair Ridge is the second phase of development of the massive Clair field, 45 miles off Shetland.

Energy giant BP has completed a swap deal that takes its stake in the Clair field to 45.1%.

UK-headquartered BP previously held 28.6% of the huge west of Shetland asset, but announced an agreement to acquire 16.5% from US firm ConocoPhillips in July.

As part of the same deal, BP has sold its non-operated interests in the Kuparuk and satellite oil fields in Alaska to ConocoPhillips.

Conoco has retained 7.5% of Clair, which is being developed in phases.

Production from the first phase got under way in 2005 with a target of delivering 300 million barrels.

The second phase of development, which could yield 640 million barrels, is the Clair Ridge project, which achieved first oil last month.

A third phase called Clair South is also being considered.

The other partners in the Clair field are Shell, with 28%, and Chevron, with 19.4%.

Ariel Flores, regional president, BP North Sea, said: “2018 has been a big year for BP and the Clair field with start-up from Clair Ridge last month and now completion of this important deal which brings our share to more than 45%.

“Clair is a strategically important resource for BP with huge potential for long-term high production rates and future development.

“The completion of this deal is a further example of focusing our portfolio around core assets and developments which have the potential for significant growth.”

Breaking