BUZZARD
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approved a plan to proceed , and in February 2005 the first phase of development was inaugurated .
This year , Clair Ridge , the second phase of the field ’ s development , is expected to come online this year . With an estimated eight billion barrels of recoverable reserves , the project has been designed to produce oil until 2050 .
BP operates the field , with a 28.6 percent interest in the development . Other partners include Shell , with a 27.9 percent stake ; ConocoPhillips with a 24 percent stakes and Chevron , with a 19.4 percent stake .
BUZZARD
Located about 60 miles northeast of Aberdeen , the Buzzard oil field was discovered by PanCanadian in 2001 . Now owned and operated by China ’ s Nexen , the field came on stream in 2000 .
Last year , the Buzzard field produced its 500 millionth barrel of oil — outdoing an initial lifetime estimate of 486 million barrels of oil . The field is now expected to produce some 850 million barrels of oil until 2027 .
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Chevron holds an 85 percent interest
26 October 2016