British oil major BP, on behalf of co-venturers Shell, Chevron and ConocoPhillips, announced first oil production from the giant Clair Ridge project in the West of Shetland region off UK.
Britain's richest man Jim Ratcliffe's oil and gas company Ineos Group Holdings is in exclusive talks with ConocoPhillips to buy North Sea oil and gas fields worth $3 billion from the U.S. energy company.
However, the successful development of unconventional reservoirs delivered what Greg Leveille, CTO for ConocoPhillips, described as an “energy miracle.”
