BP unveils large North Sea investment
British energy giant BP on Tuesday announced plans to jointly invest up to £700 million ($1.12 billion, 799 million euros) to develop the North Sea's Kinnoull reservoir.
BP owns 77 percent of Kinnoull, with Italian energy group Eni holding just under 17 percent and another company, Summit, a little more than six percent.
"On behalf of its co-venturers BP is pleased to announce an agreement to invest up to £700 million to progress a project to develop the Kinnoull reservoir in the central North Sea," a statement said.
BP added that the investment would create more than 1,000 jobs across Britain.
Production at Kinnoull, which contains 45 million barrels of oil equivalent, is set to begin in 2013.
"The Kinnoull project is a further demonstration of BP's vision to sustain a material and high quality business in the North Sea region," said BP's Trevor Garlick.
© 2011 AFP