Joint Venture of BP Invest 700m Pound to Develop North Sea field

BP, a British oil company announced at the Offshore Europe oil and gas conference and exhibition in Aberdeen that it will make the oil investments up to Pound 700m for the development of Kinnoull reservoir, one of the three largest reservoirs being developed in the central North Sea. While holding a speech at the Aberdeen conference, Charles Hendry, the Energy Minister praised the UK's "booming" oil and gas sector. He also added that BP has been at the top position of a worldwide oil industry since it started exploring and producing in UK waters.