UK increases North Sea oil production

Sinopec News Network reported on May 28 that oil production in the United Kingdom has not yet come to a standstill.

BP will use the latest technology and expertise provided by this new partnership to increase drilling capacity of 7 billion barrels in Clare Ridge, the UK's largest oil field.

The Clare Ridge oil field is composed of two bridge-linked platforms.

BP holds a 28.

BP stated that the new partnership "is aimed at increasing production in the Clare area.

Greater innovation and the use of new technologies will enable BP to drill target wells in order to obtain oil reserves more efficiently.

This cooperation means that BP, Baker Hughes and Oldfjell Drilling Company will form a steering group composed of representatives to jointly determine how to drill effectively.

Marian Davenport, Vice President of Baker Hughes European Oilfield Services, said: "Using advanced remote operation models and digital solutions, the alliance is on a common journey to achieve safer, higher profit and lower carbon intensity operations.

　　Just a few weeks ago, a report by the International Energy Agency (IEA) recommended a shift from fossil fuel production to renewable energy production.

　　A government agency revealed to the media that after the government reached an agreement in March to allow continued maritime licenses in the area, the company intends to continue exploration in the North Sea.

　　Qiu Yin excerpted and translated from the oil price network

　　The original text is as follows:

　　UK Ramps Up North Sea Oil Production

　　Oil production in the UK isn't dead just yet, as BP strikes a deal with Baker Hughes and Norway's Oldfjell Drilling to enhance production at the Clair Ridge heavy oil field following recent challenges to production.

　　BP will use the latest technologies and expertise from this new partnership to boost drilling in 7 billion-barrel Clair Ridge, the UK's largest oil field.

　　The Clair Ridge oilfield, which consists of two bridge-linked platforms, was developed in 2018 at a cost of $10 billion, with a projected output of 120,000 bpd of oil.

　　BP operates the oilfield with a stake of 28.

　　BP stated that the new partnership "aims to improve production across Clair, initially targeting a 15 percent increase in average annual production on Clair Ridge, the second phase development of the field.

　　Greater innovation and the use of new technology will allow BP to drill targeted wells to access the oil reserves more effectively.

　　The partnership will mean the establishment of a steering group of representatives from BP, Baker Hughes and Oldfjell Drilling to make joint decision on effective well drilling.

　　"Using progressive remote operations models and digital solutions, this alliance is an important milestone on the shared journey towards safer, more profitable and lower carbon intensity operations.
", stated Marianne Davenport, vice president for oilfield services Europe at Baker Hughes.

　　This partnership comes just weeks after an International Energy Agency (IEA) report recommended a shift away from fossil fuel production in favour of renewable alternatives.
However, the UK has made its stance clear, it has no intention of giving up on production in its oil -rich North Sea projects.

　　A government body told media sources that it intends to continue exploration in the North Sea, after the government reached a deal in March allowing offshore licenses in the region to continue.

　　"We are working hard to drive down demand for fossil fuels, however, there will continue to be ongoing demand for oil and gas," the UK department for Business, Energy and Industrial Strategy told Reuters in response to emailed questions.

　　Further, "We will not be cancelling licenses that were recently awarded.
Any future licenses are only awarded on the basis that they are aligned with the government's broad climate change ambitions, including the UK's target of reaching net-zero by 2050.
"

　　However, the UK government has faced controversy over this decision owing to its role as host to the UN Climate Change Conference (COP26) in Glasgow, Scotland, in November as well as being commissioned by the IEA to develop a path towards net-zero emissions by 2050.
Critics say the UK's role at the helm of climate change talks is at odds with its stance on North Sea oil.

　　While several North Sea players, like Norway and Denmark, are heeding IEA warnings to curb exploration projects in favour of renewable alternatives, the UK is going full steam ahead in its production plans for the next few decades, with the Clair Ridge partnership presenting a significant area of ​​opportunity for the oil majors involved.