BP £70m deal shows North Sea oil is still “safe bet”

British oil giant BP signed a £70million deal to redevelop one of the North Sea’s largest oil fields with oilfield services firm Aker Solutions yesterday. The upgrade work will take […]

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By Vicky Ellis

British oil giant BP signed a £70million deal to redevelop one of the North Sea’s largest oil fields with oilfield services firm Aker Solutions yesterday.

The upgrade work will take place at the Schiehallion and Loyal fields which are roughly 100 miles west of the Shetland Islands.

Scotland’s First Minister Alex Salmond said the deal showed the region’s oil supply was still a “safe bet”, going on to declare that investment in the country’s oil sector is expected to reach £13 billion in 2013.

Mr Salmond said: “This is another massive vote of confidence in the North Sea oil and gas industry, coming just days after official figures demonstrated that the sector in Scotland is on the verge of entering another boom.”

Alan Brunnen, head of Aker Solutions’ subsea business agreed that the West of Shetland is “an exciting area” for oil and gas.