Offshore Shipping Online

A publication for the offshore shipping industry published by Clarkson Research

  • Offshore Intelligence Monthly
  • Menu

    BP announces development plan for Aspen

    News // March 1, 2002
    BP has announced an agreement with Nexen Petroleum USA Inc that will bring BP's Aspen discovery into production by the end of this year. Nexen, which had aminority interest in the project, will significantly increase its ownershipinterest as a result of this agreement.

    Under terms of the agreement, Nexen will pay incremental development costsfor the Aspen field being 'fast-tracked' to production, and will now have a 60per cent equity stake in Aspen. Previously, the company held a 20 per centinterest. BP will remain the operator.

    BP and Nexen have also agreed to a development plan for a portion of the field. Development of approximately 40 million barrels equivalent will be completed with subsea completions, located on Green Canyon block 243, tied back to a host platform. Production is expected to begin by 4Q 2002.

    More articles from this category

    More news