27th Sep 2018 08:45
LONDON (Alliance News) - BP PLC on Thursday said the UK government has given approval to proceed with the Vorlich development in the North Sea.
The project is targeting 30 million barrels of oil equivalent, and is expected to produce 20,000 barrels gross per day at its peak.
Construction on Vorlich is expected to start offshore in 2019 and come on stream in 2020. The GBP200 million project is part of a programme of North Sea subsea tie-backs that will deliver new production from satellite fields located near established production hubs.
Vorlich is a two-well development, approximately 241 kilometres east of Aberdeen and will be tied back to the Ithaca Energy-operated FPF-1 floating production facility, which lies at the centre of Greater Stella Area production hub.
Ithaca holds a 34% interest in Vorlich, with BP holding the remaining interest in the project as the operator.
Shares in BP were up 0.8% at 590.88 pence on Thursday.
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