Company News
Oil Production Starts On BP's Quad 204 Project
Tuesday 30th May 2017
BP has announced that it has started oil production in the Quad 204 project, which is located in the North Sea in the west of Shetland.
The oil giant plans to take advantage of the significant reserves still remaining in this area, even after nearly two decades of production.
New facilities and equipment will allow BP and its co-venturers to begin a continuous drilling programme of up to 20 wells, accessing the estimated 450 million barrels remaining in this particular field.
This will enable the organisation to extend the life of the oil field to 2035 and beyond. Now that production has started, it will gradually increase until it reaches 130,000 barrels per day, when it will plateau.
Mark Thomas, regional president for the firm's North Sea business, commented: "In safely delivering first oil from the Quad 204 project, we have succeeded in one of the largest ever UK mid-life offshore redevelopments."
Reuters recently suggested that this project, in addition to other schemes, are set to boost oil production in the North Sea considerably over the coming years.
According to the news provider, oil production is expected to reach 2.59 million barrels per day (bpd) in 2017, up from the 2.54 million bpd recorded in 2016. In addition, this growth is predicted to continue into 2018, with production hitting 2.63 million bpd next year.
These figures come from Rystad Energy and are based on the output from the region's three main producers: Norway, Britain and Denmark.
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