The acquisition increases BP’s stake in the field development to 32% from 16% earlier.

Located in the UK North Sea at a depth of approximately 90m, the Culzean development is expected to reach peak production capacity of 400 to 500 million standard cubic feet per day (MMSCFD), according to

The Maersk-operated Culzean field development is estimated to account for nearly 5% of total gas demand in the UK by 2020/21

BP North Sea Region regional president Mark Thomas said: "This is a challenging time for the industry and we must continue to work together to ensure that when developments like Culzean, or other projects such as BP’s Quad 204 and Clair Ridge, come online they can be run as efficiently as possible."

According to estimate, the field contains 250-300 million barrels of oil equivalent. Production from the field is scheduled to commence in 2019.

Thomas added: "BP has been focusing and refreshing its North Sea portfolio by bringing new fields into production, redeveloping and renewing existing producing facilities and divesting some of its more mature or less strategic assets.

"Our deepening in Culzean further demonstrates our commitment to supporting the development of another UK field for the future."

Maersk Oil, the oil and gas unit of Danish shipping company A.P. Møller-Maersk operates the field with an ownership stake of 49.99%.

JX Nippon has 34.01% stake in the field while BP subsidiary Britoil has a 16% stake.

Image: According to estimate, the Culzean field contains 250-300 million barrels of oil equivalent. Photo: courtesy of BP.