BP & Three partners to invest Euro 10 billion on oil & gas projects in UK

BP, along with three partners, will invest Euro 10 billion over the next five years to develop four new oil and gas projects in the UK.

The UK government on Thursday granted BP and its partners -Shell, ConocoPhillips and Chevron - approval to proceed with the euro 4.5-billion Clair Ridge project, the second phase of development of the giant Clair field, west of the Shetland Islands.


For BP, whose share of the total investment in the four projects will be around euro 4 billion, this represents the highest level of annual investment it has ever made into the UK North Sea. Over the next few years, BP will be bringing on stream more new major project developments in the UK than it has ever done over a comparable period, the company said.

Over half of the total investment in the projects is expected to be spent in the UK. At their peak, taken together, the projects will provide some 3,000 UK oil and gas supply chain jobs.