BP’s Oil Reserves on the UK Continental Shelf.

BP is one of the largest oil companies in the world.
http://www.bp.com

It is a huge company, whose value is  nearly £100bn

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=10022&record_search=1&search_phrase=BP

One major component that makes up the value, are the reserves that BP has in the ground. One of the largest reserves is the Clair field.

http://www.bp.com/en_gb/united-kingdom/where-we-operate/north-sea/north-sea-major-projects/clair-ridge.html

“Clair Ridge is the second phase of development of the Clair field which, with an estimated eight billion barrels of oil in place, is the largest undeveloped hydrocarbon resource on the UKCS. Clair was discovered in 1977, but challenging reservoir characteristics and the technological limits of the time meant it was the mid-1990s before the field saw extensive drilling and 2001 before BP and partners approved a development plan.”

Because of the scale of the investment, it has four partners.

BP – 28.6%
ConocoPhillips – 24.0%
Chevron Corporation – 19.4%
Royal Dutch Shell – 28% (including 9.3% interest obtained from Hess in a swap in 2009)

BP is targeting 640 million barrels of recoverable resources

What is the value of this 640,000,000 barrels:

Brent Crude has an approximate value today of $55 = £44.

So 640,000,000 x £44 = £28,160,000,000

That is £28 Billion.

The value of the whole 8bn Barrels ?

easy:

8,000,000,000 barrels * £44 = £352,000,000,000

That is £352bn which is about 23% of UK Annual GDP.

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