Wednesday 5 August 2015

Oil & Gas UK welcomes $1bn North Sea investment from BP

Oil & Gas UK’s chief executive Deirdre Michie commented:

“Oil & Gas UK is pleased to welcome BP’s announcement today of a $1billion investment in its Eastern Trough Area Project, securing the project’s future for a further 15 years to 2030.

“According to figures from the Department for Energy, the country’s primary demand for oil and gas, critical for our transport and heating and powering our homes, is set to remain unchanged until 2030 at least. It is encouraging to see the continuing investment BP is making in its North Sea assets and projects to deliver a secure indigenous supply of energy for the country.

“Given the harsh business environment upstream oil and gas companies currently face, with the oil price more than halved since this time last year, industry as a whole is putting a great deal of effort into improving the performance of its assets – and that is something we’ll look to explore in further detail in our 2015 Economic Report next month.”