BP said the story of North Sea oil still has a "long way to run" after the company today received the go-ahead for a major £4.5 billion project.
The second phase of the giant Clair field, west of the Shetland Islands, forms part of £10 billion being spent on four projects by BP and its partners from Shell, ConocoPhillips and Chevron over the next five years.
At £4 billion, BP's involvement represents the highest level of annual investment the company has made in the UK North Sea.
"Although it began over 40 years ago, the story of the North Sea oil industry has a long way yet to run,'' said BP's chief executive Bob Dudley. "BP has produced some five billion barrels of oil and gas equivalent so far from the region and we believe we have the potential for over three billion more," he added.
At their peak, it is expected that the projects will provide 3,000 UK oil and gas supply jobs and play a part in sustaining the more than 3,500 jobs already existing in BP's North Sea operations.
British Prime Minister David Cameron said the Clair Ridge project, which received the go-ahead from the Government today, would provide "a massive boost for jobs and growth".
Earlier this year, BP and its partners announced plans for the £3 billion redevelopment of the Schiehallion and Loyal fields, west of Shetland, and the £700m development of the Kinnoull field in the central North Sea.
Alongside development drilling and a number of smaller schemes, the four projects represent almost £10 billion of new project investment by BP and its partners into the UK continental shelf over the next five years.
Aberdeen-based BP operates around 40 oil and gas fields, four onshore terminals and a network of pipelines that transport almost half of the UK's oil and gas production.
