BP buys stakes in North Sea exploration prospects

BP will work with companies Statoil and Nexen

BP has acquired interests in two North Sea exploration prospects Jock Scott and Craster for an undisclosed sum.             

BP has acquired a 25% interest in the Statoil-operated licenses located to the east of Shetland, P2275 and P2097, which includes the Jock Scott prospect, and a 40% interest in the nearby P2163 and P2147 licenses. Statoil will remain the operator for all of these licenses.

Statoil and BP are planning to drill an exploration well on Jock Scott in mid-2017.

In the west of Shetland, BP has acquired a 40% interest in the north and a 30% interest in the south of the Nexen-operated licence P2062, which includes the Craster prospect. Nexen will remain the operator of the licence.

BP and Nexen are also planning to drill an exploration well on Craster in mid-2017.

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."

Over the next 18 months, BP plans to participate in up to five exploration wells in addition to drilling approximately 50 development wells over the next four years.