BP Beefs Up Culzean Stake

BP has, through its subsidiary Britoil, acquired additional 16% stake in Culzean field from JX Nippon Exploration and Production.

BP now holds 32% stake in Maersk Oil-operated field, with JX holding 18.01%.

“This sale aims to deliver the best allocation of JX’s management resources and to optimize JX’s asset portfolio across exploration, development and production assets,” the company said.

Maersk Oil, with 49.99% operates the UK North Sea field, located in Block 22/25a.

According to the company, the gas field is the largest discovered in this region in the last decade.

The plan for development of Culzean was approved by the UK Government in August last year, and the development work is progressing towards first production in 2019.