BP starts its new huge project

Baku. 22 May. REPORT.AZ/ BP Plc. has started a project in the U.K. North Sea that will restore production halted since 2013 and help double the company’s output in the area by the end of the decade.

Report informs citing the Bloomberg, BP and its partners budgeted $5.7 billion for the Quad 204 project, which involved building a new floating production and supply vessel and redeveloping the aging Schiehallion and Loyal fields. Output from Quad 204 will ramp up to 130,000 barrels of oil a day this year, the London-based company said.

The producer plans to double the output in U.K. 

North Sea output to 200,000 barrels of oil equivalent a day by 2020, the company said.