BP said on Monday that it has acquired stakes in two North Sea oil prospects.
BP has acquired a 25 percent interest in the Statoil-operated licenses P2275 and P2097, located to the east of Shetland.
The licenses include the Jock Scott prospect.
As part of the deal, BP has also acquired a 40 percent interest in the nearby P2163 and P2147 licenses.
Statoil will remain the operator for all of the licenses.
Statoil and BP are planning to drill an exploration well on Jock Scott in mid-2017.
BP has also acquired a 40 percent interest in the north and a 30 percent interest in the south of the Nexen-operated licence P2062, located west of Shetland.
The P2062 license 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.
“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,” BP North Sea Regional President Mark Thomas said.
BP said it plans to participate in up to five North Sea exploration wells over the next 18 months in addition to drilling about 50 development wells over the next three to four years.
BP North Sea is set to grow UK production to around 200,000 barrels per day by 2020, BP added.