BP invests £670m ‘to secure North Sea fields for 15 years’

BP recently initiated a big investment programme to revamp platforms in Etap
BP recently initiated a big investment programme to revamp platforms in Etap
ANDY BUCHANAN/PA

BP plans to pour an extra £670 million into ageing oilfields in the North Sea.

The investment in the Eastern Trough Area Project (Etap), which comes as many companies are seeking to cut costs or exit the region, will secure the future of the fields in the central North Sea for at least another 15 years, the company said.

“These are challenging times for the industry and we are having to make hard choices,” Trevor Garlick, BP’s regional president for the North Sea, said.

“Nonetheless, we remain committed to improving the competitiveness of the North Sea and to maximising economic recovery from our fields.”

BP recently initiated a big investment programme to revamp platforms in Etap, an integrated development of nine fields about 150 miles