BP Starts Oil Project That Will Help Double Its U.K. Output
- Quad 204 development will pump 130,000 barrels a day this year
- Schiehallion, Loyal fields producing for first time since 2013
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BP Plc started a project in the U.K. North Sea that will restore production halted since 2013 and help double the company’s output in the area by the end of the decade.
BP and its partners budgeted 4.4 billion pounds ($5.7 billion) for the Quad 204 project, which involved building a new floating production and supply vessel and redeveloping the aging Schiehallion and Loyal fields. Output from Quad 204 will ramp up to 130,000 barrels of oil a day this year, the London-based company said in an emailed statement Monday.