Oil & Gas UK Economic Report 2014

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Sullom Voe Terminal. Source: BP

Using technology to maximise recovery There has always been a direct link between the success of the UKCS and the development and application of new technology, none more so than in the hostile environment of the north east Atlantic. BP is innovating to allowthe company tooperate safely at new frontiers and optimise existing operations. The company is developing and applying technologies available today aimed at ‘sweeping’ more oil and gas from the rocks deep beneath the seabed. It operates one of only two EOR schemes in UK waters, at Magnus, and is currently incorporating EOR into the

Clair Ridge and Quad 204 developments. This includes the world’s first full-field deployment of LoSal® technology offshore, the culmination of a decade of laboratory tests and field trials. More than 500 million barrels of additional production could be unlocked from BP’s reservoirs using LoSal® EOR and the technology has the potential to release billions of barrels of oil from sandstone reservoirs around the world. Without innovation and the constant development and application of new technologies, oil and gas production from the UKCS would have been much less than the 43 billion boe produced to date.

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BP and the UK Continental Shelf

• Has invested over £35 billion in the region to date. Over the next five years, BP and its partners are investing over £7 billion • 2014 marks 50 years since BP was awarded its first licence in the North Sea.

• 20 fields • Three terminals • Four pipeline systems • Produces ten per cent of UK’s oil and gas and transports 50 per cent of UK’s production • Employs nearly 4,000 people and works with more than 1,500 suppliers

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ECONOMIC REPORT 2014