Shetland's Schiehallion and Loyal oil fields see £1bn of contracts awarded
- 11 September 2013
- From the section NE Scotland, Orkney & Shetland
More than £1bn of contracts have now been awarded to UK-based companies for the redevelopment of the Schiehallion and Loyal oil fields west of Shetland, operator BP has said.
The fields have produced nearly 400 million barrels of oil since 1998.
There are an estimated 450 million barrels still available, more than originally thought.
Since 2012, companies in Aberdeen, Shetland, Fife and other UK locations have benefited from the contracts.
The ongoing £3bn upgrade is aimed at extending production to 2035 - or possibly beyond.
Due to the water depth in the area, Schiehallion is entirely reliant on subsea production technology and is collected on a floating production, storage and offloading vessel.