BP and Partners to Invest 10 Billion in UK Oil and Gas

Oil and gas companies recently announced they plan to invest over 10 billion pounds in oil and gas found in Great Britain.

A leading UK oil company, British Petroleum, and its partners, namely, Shell, ConocoPhillips и Chevron recently said they will invest over 10 billion pounds in development projects in UK.

The projects are linked to development of gas and oilfields in the UK North Sea.

The statement was made by the companies as soon as they got the approval from the British Government to proceed with the Clair Ridge project, which is to see 4.5 billion pounds investment.

The four projects BP and its partners plan to develop are expected to be the major oil and gas projects in the world in the next 5 years.

Companies hope to maintain production of oil at 200,000-250,000 barrels a day till 2030 or even 2050.

Experts warmly welcomed the news. “I think BP should be spending where they can get attractive returns, and that still includes the U.K. on advantaged projects,” said Peter Hutton of the Royal Bank of Canada.

 

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