Not dead yet: Home of Brent crude gets new lease of life Jul 17 2018 [Reuters]
BP p.l.c. (BP)
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Source: Reuters
Not dead yet: Home of Brent crude gets new lease of life | Reuters 8 Min Read LONDON (Reuters) - Oil giant BP’s Eastern Trough Area Project off the coast of Scotland wasn’t supposed to be viable beyond 2018. But government and industry working together have given ETAP a new lease of life that is being closely watched by countries and companies eyeing other ageing projects around the world. When ETAP was launched 20 years ago today, some experts predicted the UK sector of the North Sea would cease most production by 2030. Government efforts to keep producers in the basin, home to the Brent crude that underpins the price benchmark, gained urgency with the 2014 oil price crash. Cheaper oil also forced the industry to upgrade technology and find more efficiencies. From original plans to stop production at ETAP, BP decided to invest $1 billion in 2015. “One has to take stock of the potential going forward and make an intervention that allows for the right investment to extend life,” Ariel
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