Culzean

JX Nippon Exploration and Production (JXNEPUK) has sold a 16% working interest of Culzean gas field in the UK Central North Sea to BP’s subsidiary Britoil.

Following the acquisition of interest in licence no P.111, block 22/25a BP’s interest in the development will increase from 16% to 32%.

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Maersk Oil-operated high-pressure, high-temperature (HPHT) gas condensate Culzean field was discovered in 2008.

In August last year, the UK Government approved a field development plan with work in progress to achieve first production in 2019 and continue into the 2030s.

BP North Sea region president Mark Thomas said: “We are pleased to have deepened our interest in Culzean and we look forward to helping Maersk make this important central North Sea development a success.

“This is a challenging time for the industry and we must continue to work together to ensure developments run as efficiently as possible.”

“This is a challenging time for the industry and we must continue to work together to ensure that when developments like Culzean, or other projects such as BP’s Quad 204 and Clair Ridge, come online they can be run as efficiently as possible.

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“BP has been focusing and refreshing its North Sea portfolio by bringing new fields into production, redeveloping and renewing existing producing facilities and divesting some of its more mature or less strategic assets.”

After the transaction, Maersk Oil will own 49.99% in the field, while JXNEPUK will hold 18.01% stake, and the remaining 32% will be owned by Britoil.

BP and its partners are in the middle of a £7bn investment programme for five years in the UK offshore area, including the Central North Sea and Shetland area projects.

The company’s Clair Ridge and Quad 204 projects are expected to bring new oil into production.

Image: The high-pressure, high-temperature gas condensate Culzean field was discovered in 2008. Photo: © A.P. Moller – Maersk Group.