LONDON (AP) — BP says it has made two new oil discoveries in the North Sea, adding to hopes for a revival in the declining basin that has fueled Britain’s oil and gas industry since the 1970s.
The company said Wednesday that it found oil at the Capercaillie well east of Aberdeen and Achmelvich west of the Shetland Islands. BP is the sole owner of Capercaillie and owns 52.6 percent of Achmelvich, with Shell and Chevron holding smaller stakes.
BP didn’t estimate how much oil the wells contain, saying the finds are still being evaluated.
Mark Thomas, BP’s regional president, says the company aims for “a refreshed and revitalized business” in the North Sea “that we expect to double production to 200,000 barrels a day by 2020 and keep producing beyond 2050.”
Most Read Business Stories
- Restaurant workers go 'missing' again from Washington's job recovery
- Google team that keeps services online rocked by mental health crisis
- Blake Nordstrom inducted posthumously into Seattle's walk of fame
- Seattle concrete strike continues after union calls mediation a 'failure'
- Here's a question: How much are you willing to pay for a burger or burrito?