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‘Monster’ oil field set for multi-million investment

Category: Scottish Economy — Mark on April 12, 2013

A BP-led consortium is investing over £330m into an appraisal drilling scheme, which will look to further develop one of the largest oil fields in the Atlantic.

Clair, located to the west of Shetland, is known for its huge proportions. Home to more than eight billion barrels of oil already, the ‘monster’ field could allow up to a further 12 wells to be drilled.

The drilling of five wells by the consortium, the other members of which are Chevron, ConocoPhillips and Shell, is already under way.

The news comes amid a repositioning by the government to the UK oil and gas strategy, and is just the latest announcement.

With the industry being the most vibrant throughout the UK presently, it is little wonder that many firms are looking to grow in the market. Whether through asset based lending, increased sales or invoice factoring, firms from Aberdeen and all around are looking to boost cash flow for the task.

The development of the Clair field has been a long time in the planning.

Found in the 1980s, technical difficulties concerning the bringing ashore of the oil have stilted progress. A huge expansion was announced last year, however, whilst the consortium is also hoping the field will continue to produce well into the 2050s.

Regional president for BP North Sea, Trevor Garlick, said:

“If successful, the appraisal programme could pave the way for a third phase of development at Clair – this is now a real possibility.”

Many experts believe the Atlantic will take over from the North Sea as the UK’s major oil production site within two decades.

'Disclaimer: The information contained in these articles is of a general nature and no assurance of accuracy can be given. It is not a substitute for specific professional advice in your own circumstances. No action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a consequence of the material can be accepted by the authors or the firm.

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