BP has started up the Murlach oil and gas field in the UK North Sea, the sixth major project the supermajor has launched so far this year, as part of its goal to have ten new oil and gas fields operational by 2027.
Murlach adds a peak net production of around 15,000 barrels of oil equivalent per day (boed) to the BP-operated Eastern Trough Area Project (ETAP) in the central North Sea, a hub that has been operating for 27 years, the supermajor said on Thursday.
The Murlach project received government and regulatory approvals in 2023 and involved the redevelopment of a field originally in operation in the early 2000s. BP has acquired the field license after it was relinquished by the previous operator.
The six projects that BP has launched this year add around 150,000 boed combined peak net production and will help BP reach its target to deliver an additional 250,000 boed combined peak net production by the end of 2027.
“These projects reflect bp’s strength in safely increasing production to supply energy to meet global demand, while maintaining a relentless focus on shareholder returns. They also highlight our focus on efficient delivery, with four starting up ahead of schedule,” said Ewan Drummond, BP’s senior vice president of projects.
In the North Sea, BP looks to identify opportunities that can be developed using existing infrastructure to effectively manage established oil and gas hubs for the entirety of their lifespan, said Doris Reiter, senior vice president of BP North Sea.
Earlier this year, BP announced a major strategy reset to slash investments in renewables and focus on its core business of producing oil and gas, pressured by investors to boost returns to shareholders.
Under the new strategy, BP will aim for 10 new major upstream projects to start up by the end of 2027, and a further 8–10 projects by the end of 2030. Production is also expected to grow to 2.3–2.5 million boed in 2030, with capacity to increase to 2035.
Last week, BP decided to proceed with its estimated $5 billion Tiber-Guadalupe project in the U.S. Gulf of Mexico, as part of its strategy to grow upstream production and boost its U.S. output to more than 1 million boed by 2030.
By Tsvetana Paraskova for Oilprice.com
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