BP to redevelop North Sea oil fields
3bn project The energy firm said the Schiehallion and Loyal oil fields have produced 400m barrels since 1998 and a further 450m could still be available, keeping them open until 2035 at least.The move comes despite warnings by the Oil & Gas UK lobby group that the chancellor's surprise 2bn levy on North Sea oil and gas companies, announced in this year's budget to ease the pressure on petrol prices, could put in doubt 12bn of investment in the North Sea and the creation of 15,000 jobs.BP's chief executive, Bob Dudley, said the move reflected the group's strategy of investing in oil fields where it had "extensive knowledge". He added: "BP has over 40 years' experience in the North Sea, during which time it has developed a strong set of assets. We are committed to maintaining a high-quality business there."The Treasury pounced on the announcement. Justine Greening, economic secretary to the Treasury said: "This shows the North Sea basin remains an attractive area for significant levels of new investment, and the government will continue to work alongside oil and gas companies to support growth and jobs in the UK."The North Sea accounts for about 7% of BP's total oil and ...
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