Goverment Approves 4.5bn BP North Sea Oil Deal
A major investment in the UK's North Sea oil industry A major investment in the UK's North Sea oil industry that will secure production for decades to come for troubled BP has been approved by the Government.It means BP and its partners in the Clair Ridge field, west of the Shetlands, can proceed with the second phase of their development to install two bridge-linked platforms at a cost of 4.5bn.It will take total investment in the field to 10bn, with BP contributing 4.5bn of that alongside Shell (LSE: RDSB.L - news) , ConocoPhillips (EUREX: COPF.EX - news) and Chevron (NYSE: CVX - news) .BP says that when you combine its four North Sea projects, over half of the investment will be spent in the UK and they will create 3,000 UK oil and gas supply chain jobs and support a further 3,500.Announcing the Government's decision to approve the second phase, Prime Minister David Cameron said: "This... is great news for Aberdeen and the country and provides a massive boost for jobs and growth."There has been a renewed focus on North Sea oil for BP since the disastrous oil spill in the Gulf of Mexico in April last year and its ...
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