BP has announced plans to invest around £670 million in its North Sea projects.
The cash will be used for the energy giant’s Eastern Trough Area Project (ETAP), a network of nine smaller oil and gas fields, until at least 2030.
BP said it is having to make “hard choices” in these challenging times but aims to improve the competitiveness of the North Sea and maximise recovery from its fields.
North Sea Regional President Trevor Garlick said: “BP’s primary areas of focus are the west of Shetland and central North Sea, where we are investing in both new developments such as Clair Ridge and Quad204 and in extending the life of our mature assets.
“Two weeks ago we welcomed the arrival of the Safe Caledonia flotel into the ETAP area, launching the start of a major investment programme to renew the platform and extend its field life.”
He added the company is drilling new wells on ETAP’s Machar and Marnock fields, replacing subsea infrastructure and deploying new technologies.
Mr Garlick said: “ETAP holds significant potential and we are working to ensure its reliability, efficiency and long-term competitiveness.”
Last month BP announced a fall in profits to $1.3 billion (£0.8bn) in the second quarter of this year.