BP Kinnoull Reservoir: BP To Develop Oil Reserve In The North Sea

LONDON -- BP PLC and its partners say they will invest up to 700 million pounds ($1.1 billion) to develop the Kinnoull reservoir in the North Sea.

BP said Tuesday that Kinnoull holds 45 million barrels of oil equivalent, and the investment will extend production beyond 2020 with a peak rate of 45,000 barrels a day.

The new facilities are scheduled to come on line in 2013.

BP holds a 77 percent stake in the reservoir, Eni SpA has 16.7 percent and Summit Oil International 6.3 percent.

Comments

[GOP Incorporated]

06:21 PM on 09/06/2011

I give it 3 years before some major malfunction happens...again.