BP's Clair oil field production 'to last beyond 2050'

BP has been given the go ahead to proceed with a new £4.5bn oil project west of the Shetland Islands.

The BP-operated scheme is an extension of the existing Clair oil field, and will also include investment by fellow oil firms Shell, ConocoPhillips and Chevron.

BP said it and its partners were now investing almost £10bn in North Sea oil and gas work over the next five years.

Chief executive Bob Dudley said the project would prolong the productive life of the oil field to beyond 2050.