BP, partners announce North Sea development

By the Associated Press | September 6, 2011 | 8:50 AM EDT

LONDON (AP) — BP PLC and its partners say they will invest up to 700 million pounds ($1.1 billion) to develop the Kinnoull reservoir in the North Sea.

BP said Tuesday that Kinnoull holds 45 million barrels of oil equivalent, and the investment will extend production beyond 2020 with a peak rate of 45,000 barrels a day.

The new facilities are scheduled to come on line in 2013.

BP holds a 77 percent stake in the reservoir, Eni SpA has 16.7 percent and Summit Oil International 6.3 percent.