Hot Features
Premium
Level up your trading with our powerful tools and real-time insights all in one place.
Fresh details from BP
BP, on behalf of the Schiehallion co-venturers Shell and OMV, announced today that the new Glen Lyon floating production storage and offload (FPSO) vessel has started sea trials as it begins its journey towards the west of Shetland where it will serve as the hub for the 450 million barrel Quad204 development in the North Sea.
The new FPSO is a key element of the multi-billion pound Quad204 project, which is re-developing the Schiehallion and Loyal fields, extending production out to 2035 and possibly beyond.
“This important milestone is consistent with BP’s strategy to sustain a competitive, high quality business in the North Sea region” said Trevor Garlick, Regional President for BP’s North Sea business. “The Schiehallion and Loyal oil fields are established assets with a strong future and through this investment, we and our co-venturers Shell and OMV are taking some significant steps to maximise the greater potential we now see in these fields.”
The project involves connecting and commissioning the new FPSO, the drilling of several new production and injection wells, and upgrading the subsea (seabed) pipeline, manifold and wellhead infrastructure that will enable the full development of the reserves.
Schiehallion and Loyal have produced nearly 400 million barrels of oil since production started in 1998. The Quad204 development aims to access the remaining estimated 450 million barrels of resource still available.
BP and its co-venturers have developed a strong track record west of Shetland over the past two decades and will continue to look to the latest innovations to maximise recovery from these fields, including the potential use of leading-edge polymer-based enhanced oil recovery (EOR) technology.
The new Glen Lyon FPSO measures 270 metres long by 52 metres wide. It will be able to process and export up to 130,000 barrels of oil a day and store up to 800,000 barrels.
BP continues to award contracts for this major development project, with almost £45m of business recently granted to UK-based companies to provide services and equipment for the new FPSO, including hook-up support and follow-on commissioning work for the vessel.
BP owns 36.3%, with other interests as follows: Shell 54.03%, OMV 9.67%.
