BP buys North Sea stakes from Statoil and Nexen

Following an announcement on Friday that BP would buy a stake in the giant Zohr gas field in Egypt, BP has announced another acquisition, this time in the UK North Sea.

The oil giant on Monday said it had acquired interests in two North Sea exploration prospects, Jock Scott and Craster, “in a further demonstration of the organization’s commitment to the basin.”

The company BP has bought a 25% interest in the Statoil-operated licenses located to the east of Shetland, P2275 and P2097, which includes the Jock Scott prospect, and a 40% interest in the nearby P2163 and P2147 licenses. Statoil will remain the operator for all of these licenses.

Statoil and BP are planning to drill an exploration well on Jock Scott in mid-2017, the company said.

Furthermore, in the west of Shetland, BP has acquired a 40% interest in the north and a 30% interest in the south of the Nexen-operated license P2062, which includes the Craster prospect. Nexen will remain the operator of the license.

BP and Nexen are also planning to drill an exploration well on Craster in mid-2017.

Mark Thomas, BP North Sea Regional President commented: “Working together with companies such as Statoil and Nexen to access the North Sea’s remaining resource is an important part of our strategy to remain a material North Sea producer, investor, and employer for decades to come. We look forward to working with both Statoil and Nexen on these exciting prospects.”


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