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Oil & Gas

BP, Partners Invest $4.8 Billion in Fields Near Shetlands

July 13, 2011
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Oil company BP and its partners are investing 3 billion pounds ($4.8 billion) to redevelop two fields west of the Shetland Islands, according to the Associated Press. BP said it believes 450 million barrels of oil are still available in the Schiehallion and Loyal oil fields, which have produced nearly 400 million barrels since 1998. The project involves replacing the Schiehallion floating, production, storage and offloading vessel by 2015 with a new vessel able to process and export 130,000 barrels per day and store more than 1 million barrels. BP and Royal Dutch Shell will each have a 36.3 percent interest in the new vessel. Hess Ltd. will hold 12.9 percent, and Statoil (UK) and Murphy Petroleum 4.84 percent each.

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