BP buys shares in two North Sea projects

BP has bought shares in two North Sea exploration projects. It announced a 25% buyout of two Statoil-operated licenses east of Shetland, which includes the Jock Scott prospect. BP also bought a 40% share of […]

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By Jonny Bairstow

BP has bought shares in two North Sea exploration projects.

It announced a 25% buyout of two Statoil-operated licenses east of Shetland, which includes the Jock Scott prospect.

BP also bought a 40% share of a Nexen-operated licence west of the Shetlands, including the Craster prospect.

Exploration wells are expected to be drilled in both locations halfway through 2017 – the original operators will remain.

Mark Thomas, BP North Sea Regional President, said: “Working together with companies such as Statoil and Nexen to access the North Sea’s remaining resource is an important part of our strategy to remain a material North Sea producer, investor and employer for decades to come.”