BP is expanding its operations in the North Sea by investing in two exploration projects.

The oil firm has acquired a 25% interest in two Statoil-operated licenses east of Shetland, which includes the Jock Scott prospect. In addition, the company has gained a 40% interest in a Nexen-operated licence to the west of Shetland, which includes the Craster prospect.

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Work to drill and exploration well at both prospects is planned to begin in mid-2017.

BP plans to participate in five exploration drilling operations over the next 18 months, in addition to drilling approximately 50 development wells over the next 3-4 years.

Mark Thomas, BP North Sea Regional President, said: "Working together with companies such as Statoil and Nexen to access the North Sea's remaining resource is an important part of our strategy to remain a material North Sea producer, investor and employer for decades to come. We look forward to working with both Statoil and Nexen on these exciting prospects."

(LM/MH)