BP Makes Two New Exploration Discoveries in U.K. North Sea

By Ian Walker

BP PLC (BP.LN) said on Wednesday it has made two new exploration discoveries in the U.K. North Sea, and that data from the wells is currently being evaluated to consider future options.

The discoveries are Capercaillie, in Block 29/4e in the central North Sea, and Achmelvich, in Block 206/9b west of Shetland. BP is 100% owner of Capercaillie and operator of the Achmelvich well with a 52.6% interest. Royal Dutch Shell PLC (RDSA.LN) has a 28% interest in Achelvich and Chevron Corp. (CVX) the remaining 19.4%.

"These are exciting times for BP in the North Sea as we lay the foundations of a refreshed and revitalized business that we expect to double production to 200,000 barrels a day by 2020 and keep producing beyond 2050," BP North Sea Regional President Mark Thomas said.

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

January 30, 2018 19:15 ET (00:15 GMT)

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