LONDON -(Dow Jones)- BP PLC (BP) Tuesday said it planned a $250 million investment in the U.K. North Sea to increase recoverable gas reserves and create opportunities for further development offshore.
The Dimlington onshore compression and terminals integration project will see investment in new gas compression facilities at the BP-operated terminal which receives gas from fields in the southern North Sea.
The announcement comes as other companies such as Royal Dutch Shell PLC ( RDSB.LN) and Exxon Mobil Corp. (XOM) have disclosed plans for significant divestment in U.K. North Sea fields as they face rising tax costs.
If approved, it is envisaged that the compression facilities will be in operation at Dimlington by late 2008 or early 2009, BP said.
This new equipment will reduce pipeline pressure between the offshore fields and the terminal allowing the gas fields to increase production, it added in a statement.
BP expects the remaining recoverable reserves in West Sole and Amethyst fields to increase by around 30% as a result of this project.
An additional benefit of the new project will be a reduction in the already low level of nitrogen oxide emissions at the terminal.
-By Benoit Faucon, Dow Jones Newswires; +44-20-7842-9266; benoit.faucon@ dowjones.com
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(END) Dow Jones Newswires
06-26-07 0812ET
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June 26, 2007: 08:12 AM EST
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