BP Suspends Foinaven Output

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BP has suspended production from its Foinaven fields in the West of Shetland region of the UK Continental Shelf to withdraw the Petrojarl Foinaven floating production and storage (FPSO) vessel from the area. The FPSO is nearing the end of its 25-year design life and BP believes it is no longer suitable for recovering the remaining resources from the Foinaven fields. BP and its partners are considering options for how to develop the Foinaven area’s remaining resources, which are estimated at up to 200 million bbl. The Foinaven area is located 100 miles west of the Shetland Islands. It contains the Foinaven and Foinaven East fields, in which BP has interests of 72% and 43% respectively. US independent Marathon Oil sold its stakes in the Foinaven fields in February 2019 (IOD Feb.26'19).

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