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March 28, 2013
07:08 EDTBP, RDS.A, RDS.B, COP, CVXBP, Shell, others to invest $500M in Clair field drilling program
BP (BP) and its co-venturers Shell (RDS.A), ConocoPhillips (COP) and Chevron (CVX) announced their decision to proceed with a two-year appraisal program to look at the possibility of developing a third phase of the giant Clair field, west of the Shetland Islands. The initial commitment involves a two year program to drill five appraisal wells. This could increase to between eight and twelve wells, depending on results from these first wells. Drilling of the first well commenced recently. The objectives of the program are to provide greater certainty on overall reservoir volumes, including their distribution and fluid characteristics; to evaluate technologies to improve recovery from Greater Clair; and to test the possibility of new standalone developments and linkages to Clair Ridge. The initial investment in the appraisal program will be greater than $500M gross.
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