BP said it acquired interests in two North Sea exploration prospects — Jock Scott and Craster.

BP acquired a 25% interest in two Statoil-operated licenses east of Shetland which include the Jock Scott prospect, and a 40% interest in two nearby licenses.

Statoil will remain the operator for all of these licenses.

Statoil and BP are planning to drill an exploration well on Jock Scott in mid-2017.

West of Shetland, BP acquired a 40% interest in the north and a 30% interest in the south of the Nexen-operated licence which includes the Craster prospect. Nexen will remain the operator of the licence.

BP and Nexen are also planning to drill an exploration well on Craster in mid-2017.

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.”

BP said it plans to participate in up to five exploration wells and to drill 50 development wells in the North Sea over the next four years.

It said BP North Sea is set to grow UK production to around 200,000 barrels per day by 2020, “with an exciting set of future investment and renewal options capable of sustaining a material business well into the 2030s.”

BP said that with its co-venturers, it has invested “at record levels” in the North Sea.

“In 2016, BP will still invest around $1.8 billion of capital investment and $1.6 billion running its operations.”

BP is expecting important new oil production from its major projects Quad204 and Clair Ridge in early 2017 and 2018 respectively.