BP selects GE Oil & Gas to conduct two Foinaven oil field engineering studies

GE Oil & Gas announced that it has been selected by BP to conduct two initial engineering studies for the Foinaven oil field, for subsea processing and power-from-shore systems respectively.

The initial engineering studies, which will involve obtaining accurate data for field development and its technical and commercial feasibility, represent a continuation of work already completed by GE Oil & Gas to support BP in developing the Foinaven field for future production enhancement. The target completion date for the initial engineering studies is the third quarter of 2009.

The Foinaven oil fields are located 118 miles (190 km) west of the Shetland Islands, United Kingdom, in a water depth of between 1312 and 1968 ft (400 and 600 m). BP operates the field in partnership with Marathon Petroleum West of Shetlands Ltd. and Marubeni North Sea Limited (East Field only). Recoverable reserves are estimated to be in the range of 250 to 600 MMbbl of oil.