UPDATE 1-BP gets UK nod for 4.5 bln stg North Sea project
BP, Shell , ConocoPhillips and Chevron
will now enter the second phase of the Clair Ridge
project, the development of a field west of the remote Scottish
Shetland Islands.BP said the investment it was making in this and three other
projects would be the highest annual investment it had ever made
in the UK North Sea.”After some years of decline, we now see the potential to
maintain our production from the North Sea at around
200,000-250,000 barrels of oil equivalent a day until 2030,”
said BP chief executive Bob Dudley in a statement on Thursday.UK Prime Minister David Cameron welcomed the project and
said the investment would provide a “massive boost for jobs and
growth” in the country.Unemployment in Britain is at its highest level in 17 years
as the economy teeters on the brink of recession
.
