BP investment in the north sea is further demonstrated by the installation of QUs topside modules on its platform Clair field, 75km west of Shetland.
This is the latest investment on its multi billion pound investment in the 2nd phase of the Clair field, the next major milestone being summer 2016 when drilling platform topside modules are installed.
More good news comes from leading energy consultant Wood MacKenzie who forecasts costs of developing and operating North Sea fields to drop by 15% through to the end of 2016.
July 22nd 2015
Chinese stock market turmoil and the Greek 3 year bail out plan seem to be destroying any sustained bullish case for oil price lift.
August 15th 2015
Delegates in Aberdeen for the Oil & Gas UK Supply Chain Seminar heard that O&G Companies supporting activities on the UK Continental shelf face a demanding business environment, with operating expenditure in the basin rising by almost 8% to £9.6billion last year. In addition production continues to decline and with the oil price under $60 barrel, about 20% of UK production is loss making.
Abu Dhabi plans to invest more than $25bn over the next 5 years to increase oil production capacity, this seen as set to secure the emirate's position as a leading oil producer. This is particularly significant amidst a global decrease in oil and gas capex [capacity estimated to be 20% down since oil prices plunged].