BP Announces First Oil Production at New North Sea Field
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Photo by Tim Boyle/Getty Images(LONDON) — BP announced on Tuesday that it was increasing oil production in the North Sea, as the first oil was harvested from the Kinnoull field east of Aberdeen.
“As we now look to continue our investments and meet the challenges of a toughening market environment,” Trevor Garlick, Regional President for BP’s North Sea business, said. “We also need to continue to improve the efficiency and competitiveness of our North Sea business.”
Between the Kinnoull field and the nearby Andrew field, BP expects to harvest the equivalent of 50,000 barrels of oil per day.
United Kingdom Energy Minister Matthew Hancock called the project “a great example of the continued commitment shown by the government and the offshore industry to make the most of the North Sea’s remaining resources.”
Increased international supply of oil has led to an ongoing drop in oil prices and thus gas prices, especially in America, where gas prices are down $1.03 from one year ago.
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