Clair Ridge project will create hundreds of jobs over the next five years and produce a vital source of domestic oil until around 2050.
The UK Government today granted BP and its partners – Shell, ConocoPhillips and Chevron – approval to proceed with the £4.5 billion Clair Ridge project, the second phase of development of the giant Clair field, west of the Shetland Islands.
Speaking at the BP Headquarters in Aberdeen, Mr Cameron said:
I am delighted to give the go-ahead for this project; this investment is great news for Aberdeen and the country and provides a massive boost for jobs and growth. It shows the confidence that there is to invest in the North Sea - we have cutting edge technology, world class skills and expertise and a UK Government that is committed to do what we can to secure future investment.
Bob Dudley, BP’s group chief executive said:
Although it began over forty years ago, the story of the North Sea oil industry has a long way yet to run. BP has produced some five billion barrels of oil and gas equivalent so far from the region and we believe we have the potential for over three billion more,
The Clair Ridge project, which will install two new bridge-linked platforms with the capability to produce an estimated 640 million barrels of oil, is planned to come on stream in 2016 and will extend the production from the greater Clair area to 2050. In addition to the 600 people already working on the project, it will provide hundreds of UK engineering, drilling and oilfield services jobs over the field’s life.