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Released May 31, 2017 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--BP plc (NYSE:BP) (London, England) has announced that first oil has started to flow at its multi-billion pound Quad 204 project in the redeveloped Schiehallion area, west of Shetland in the North Sea.
The company, along with partners Royal Dutch Shell plc (NYSE:RDS.A) (The Hague, Netherlands) and Siccar Point Energy (Aberdeen), predicts that the project will unlock a further 450 million barrels of resources, extending the life of the fields out to 2035 and beyond. Production from the project is expected to ramp up through the remainder of this year to a plateau level of 130,000 barrels of oil equivalent a day (boe/d).
Production in the Schiehallion and the adjacent Loyal fields started in 1998 and produced around 400 million boe/d over the next 15 years, before it was decided that that the floating, production, storage and offload (FPSO) vessel required replacement.
The Quad 204 project has included the construction and installation of the world's largest harsh water FPSO vessel, the "Glen Lyon," which is capable of storing up to 800,000 barrels of oil. There has also been the replacement of subsea facilities and a continuous drilling programme of up to 20 new wells to enable the full development of the reserves.
"The start of production from Quad 204--one of the largest recent investments in the UK--is an important milestone for BP, marking a return to growth for our North Sea business," Bob Dudley, BP Group Chief Executive, said. "As one of the series of important, higher-margin major projects that are now steadily coming on line for BP, it also underpins our expectation for growing production and cash flows from our Upstream business over the coming few years."
BP said that it is planning to double its U.K. North Sea production to 200,000 barrels of oil equivalent a day (boe/d) by 2020 and sustain a material business in the region for several decades. The company expects to start production from the new Clair Ridge next year. Over the next 18 months, it will participate in up to five exploration wells in the U.K., in addition to drilling approximately 50 development wells over the next 3-4 years.
The Glen Lyon FPSO is 270 metres long by 52 metres wide, weighs around 100,000 tonnes and accommodates up to 140 people. Anchored to the seabed via a turret mooring system, it can rotate and position the head to the prevailing environment. It is moored in place by 20 mooring lines, each almost 1.6 kilometres (km) in length.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
The company, along with partners Royal Dutch Shell plc (NYSE:RDS.A) (The Hague, Netherlands) and Siccar Point Energy (Aberdeen), predicts that the project will unlock a further 450 million barrels of resources, extending the life of the fields out to 2035 and beyond. Production from the project is expected to ramp up through the remainder of this year to a plateau level of 130,000 barrels of oil equivalent a day (boe/d).
Production in the Schiehallion and the adjacent Loyal fields started in 1998 and produced around 400 million boe/d over the next 15 years, before it was decided that that the floating, production, storage and offload (FPSO) vessel required replacement.
The Quad 204 project has included the construction and installation of the world's largest harsh water FPSO vessel, the "Glen Lyon," which is capable of storing up to 800,000 barrels of oil. There has also been the replacement of subsea facilities and a continuous drilling programme of up to 20 new wells to enable the full development of the reserves.
"The start of production from Quad 204--one of the largest recent investments in the UK--is an important milestone for BP, marking a return to growth for our North Sea business," Bob Dudley, BP Group Chief Executive, said. "As one of the series of important, higher-margin major projects that are now steadily coming on line for BP, it also underpins our expectation for growing production and cash flows from our Upstream business over the coming few years."
BP said that it is planning to double its U.K. North Sea production to 200,000 barrels of oil equivalent a day (boe/d) by 2020 and sustain a material business in the region for several decades. The company expects to start production from the new Clair Ridge next year. Over the next 18 months, it will participate in up to five exploration wells in the U.K., in addition to drilling approximately 50 development wells over the next 3-4 years.
The Glen Lyon FPSO is 270 metres long by 52 metres wide, weighs around 100,000 tonnes and accommodates up to 140 people. Anchored to the seabed via a turret mooring system, it can rotate and position the head to the prevailing environment. It is moored in place by 20 mooring lines, each almost 1.6 kilometres (km) in length.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
