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BP announces acquisition of interests in the Jock Scott and Craster North Sea exploration prospects

Release date: 28 November 2016

BP announced today that it has acquired interests in two North Sea exploration prospects, Jock Scott and Craster, in a further demonstration of the organisation’s commitment to the basin

BP has acquired a 25% interest in the Statoil-operated licenses located to the east of Shetland, P2275 and P2097, which includes the Jock Scott prospect, and a 40% interest in the nearby P2163 and P2147 licenses. Statoil will remain the operator for all of these licenses.

 

Statoil and BP are planning to drill an exploration well on Jock Scott in mid-2017.

 

In the west of Shetland, BP has acquired a 40% interest in the north and a 30% interest in the south of the Nexen-operated licence P2062, which includes the Craster prospect. Nexen will remain the operator of the licence.

 

BP and Nexen are also planning to drill an exploration well on Craster in mid-2017.

 

Mark Thomas, BP North Sea Regional President commented: “Working together with companies such as Statoil and Nexen to access the North Sea’s remaining resource is an important part of our strategy to remain a material North Sea producer, investor and employer for decades to come. We look forward to working with both Statoil and Nexen on these exciting prospects.”

Notes to editors

  • The North Sea is an important region for BP where it expects to sustain a significant business for the long term.
  • Over the next 18 months, BP plans to participate in up to five exploration wells in addition to drilling approximately 50 development wells over the next 3-4 years.
  • BP North Sea is set to grow UK production to around 200,000 barrels per day by 2020, with an exciting set of future investment and renewal options capable of sustaining a material business well into the 2030s.
  • Along with its co-venturers, BP has invested at record levels in the North Sea. In 2016, BP will still invest around $1.8bn of capital investment and $1.6bn running its operations.
  • BP is expecting important new oil production from its major projects Quad204 and Clair Ridge in early 2017 and 2018 respectively.
  • BP is also investing significantly in the reliability and integrity of existing assets through an extensive renewal programme.

 

Further information:

BP North Sea press office: 01224 832030BP

London press office: 020 7496 4076

 

Cautionary Statement:

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  interests in the Jock Scott and Craster North Sea exploration prospects, including plans and expectations with respect to operation of the licenses and the drilling of an exploration well in 2017; 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.