Release date: 5 December 2016
BP today announced that drilling has commenced on a potential carboniferous gas play in southern North Sea block 43/26a that, if successful, could open up a new phase of development in the region.
The well, being drilled with partners Perenco and Premier, will test the potential of a deep carboniferous age horizon several hundred metres beneath the mature reservoirs produced by the Ravenspurn ST2 platform.
Mark Thomas, BP North Sea regional president, commented: “This play warrants further exploration as we know the reservoir sands exist. What we don’t know is whether, if gas is found, long-term production can be proven economic from this deeply buried reservoir horizon. We’re looking forward to working with Perenco and Premier to test this concept and better understand its potential.”
During the drilling and testing phase, Perenco - as operator of the existing producing Ravenspurn field - will act as substitute operator on behalf of BP and the other licence owners.
BP holds an 85% equity stake in the prospect alongside licence partners Perenco (10%) and Premier (5%).
BP North Sea press office, +44 (0)1224 832 030
BP press office, London, +44 (0)20 7496 4076, firstname.lastname@example.org
In order to utilize the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 (the ‘PSLRA’), BP is providing the following cautionary statement. This press release contains certain forward-looking statements concerning BP’s drilling, along with partners Perenco and Premier, of a potential Carboniferous gas play in southern North Sea, including operation thereof, and the potential to uncover a deep Carboniferous age horizon beneath the mature reservoirs produced by the Ravenspurn ST2 platform; plans and expectations regarding BP’s strategy and investment in the North Sea, ongoing and future projects in the North Sea and expected production levels and timing thereof; and plans and expectations with regard to oil production from other major projects and investment in existing assets. Actual results may differ from those expressed in such statements, depending on a variety of factors including changes in public expectations and other changes to business conditions; the timing, quantum and nature of divestments; the receipt of relevant third-party and/or regulatory approvals; future levels of industry product supply; demand and pricing; OPEC quota restrictions; PSA effects; operational problems; regulatory or legal actions; economic and financial conditions generally or in various countries and regions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; exchange rate fluctuations; development and use of new technology; the success or otherwise of partnering; the actions of competitors, trading partners and others; natural disasters and adverse weather conditions; changes in public expectations and other changes to business conditions; wars and acts of terrorism, cyber-attacks or sabotage; and other factors discussed under “Principal risks and uncertainties” in our Stock Exchange Announcement for the period ended 30 June 2016 and under "Risk factors" in our Annual Report and Form 20-F 2015.
This press release contains references to non-proved resources and production outlooks based on non-proved resources that the SEC's rules prohibit us from including in our filings with the SEC. U.S. investors are urged to consider closely the disclosures in our Form 20-F, SEC File No. 1-06262. This form is available on our website at www.bp.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or by logging on to their website at www.sec.gov.