BP, Partners To Invest $500M In North Sea Field Appraisal

Law360, New York (March 28, 2013, 2:35 PM EDT) -- BP PLC and a consortium of three other oil giants will spend more than $500 million over the next two years to explore further oil development in the Clair field situated off the northern coast of Scotland, BP announced Thursday.

The appraisal program will initially involve the drilling of five wells, with provisions for a total of up to 12 wells, depending on the results from the initial drilling, according to BP.  The program — which has already begun, with the drilling of a first well...
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