BP has acquired interests in North Sea exploration prospects Jock Scott and Craster.
BP has purchased a 25% interest in the Statoil-operated licences east of Shetland, P2275 and P2097, which comprises the Jock Scott prospect, in addition to a 40% interest in the nearby P2163 and P2147 licences.
Statoil will remain operator of all of these licences.
Statoil and BP are also planning to drill an exploration well on Craster by the middle of next year.
BP North Sea regional president Mark Thomas said: “Working together with companies such as Statoil and Nexen to access the North Sea’s remaining resource is an important part of our strategy to remain a material North Sea producer, investor and employer for decades to come.
“We look forward to working with both Statoil and Nexen on these exciting prospects.”
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North Sea serves as an important business region for BP, where it intends to participate in five exploration wells besides drilling nearly 50 developmental wells in the next three to four years.
BP North Sea also has plans to boost UK production to around 200,000bpd by 2020.
The company is also expecting oil production from its prominent projects Quad204 and Clair Ridge from early 2017 and 2018 respectively.