BP to develop new field in north Atlantic - October 28, 2001

Providing coverage of Alaska and northern Canada's oil and gas industryOctober 2001

Vol. 6, No. 14

Week of October 28, 2001

BP to develop new field in north Atlantic

by The Associated Press

BP PLC said Oct. 17 it will spend 650 million pounds ($950 million) developing a new oil and gas field in the north Atlantic.

The company said development of the Clair field, 50 miles (75 kilometers) west of the Shetland Isles, could yield up to 5 billion barrels of oil, creating up to 900 jobs.

The government is expected to give its approval next month and work will begin soon afterward, the company said in a statement. The first oil from Clair is expected in late 2004.

First discovered in 1977, the field has not been exploited because of technical difficulties with recovery.

“But I’m pleased to say that technology has advanced to the point where this difficult development is now viable,” said Scott Urban, vice president of BP’s North Sea operations.

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