Oil producer BP makes 2 exploration discoveries in North Sea

LONDON – BP says it has made two new oil discoveries in the North Sea, adding to hopes for a revival in the declining basin that has fueled Britain’s oil and gas industry since the 1970s.

The company said Wednesday that it found oil at the Capercaillie well east of Aberdeen and Achmelvich west of the Shetland Islands. BP is the sole owner of Capercaillie and owns 52.6 per cent of Achmelvich, with Shell and Chevron holding smaller stakes.

BP didn’t estimate how much oil the wells contain, saying the finds are still being evaluated.

Mark Thomas, BP’s regional president, says the company aims for “a refreshed and revitalized business” in the North Sea “that we expect to double production to 200,000 barrels a day by 2020 and keep producing beyond 2050.”