It’s more than a year since the first signs of the ‘Third Wave’ of prosperity in the North Sea started to become apparent. See this from February 2017:
Prices stabilising as high as $70 per barrel and new fields discovered in early 2018, suggest that the wave has not yet peaked. See this:
Yesterday, on bp.com, we read:
‘BP today announced that it has committed to two new North Sea developments which are expected to produce 30,000 barrels gross of oil equivalent a day at peak production. Alligin and Vorlich are satellite fields located near to existing infrastructure meaning they can be quickly developed through established offshore hubs.’
At peak production, that’s $766 500 000 in revenue per year!
Interesting that BP are happy to count the Atlantic/West of Shetland field, as part of the North Sea.
This announcement comes less than a year after this:
‘Oil major BP is celebrating the start of production from Quad 204, one of the largest field redevelopments in North Sea history. Operator BP and partners Shell and Siccar Point Energy expect the mega-project to deliver 450million barrels of oil equivalent (boe) from the Schiehallion and Loyal fields through to 2035 and beyond. BP initially set a budget of £3billion for Quad 204 but later chose to invest an additional £1.4billion to widen the subsea work scope, a BP spokeswoman said.’
See the phrase I highlighted? Ignore the word ‘Loyal’. It’ll be ours soon.
Let no one tell you the ‘North Sea’ is finished. The facts say otherwise. If you need more detail, see this: