Profits more than doubled at oil giant BP in 2018, a year marked by the start-up of a major project west of Shetland.
The Oil and Gas Authority’s approval of two North Sea projects has given the basin an injection of “old and new” money, an analyst has said.
The Oil and Gas Authority (OGA) has given BP permission to go after 20 million barrels of oil at a field west of Shetland.
North Sea firms will spend £420million on the development of two new fields containing 50million barrels of oil in total.
BP's decision to push ahead with the development of the Alligin and Vorlich fields signals a change in tack from the energy giant, an analyst has said.