[NORTH AMERICA] British Petroleum, starts developing Liberty oil field

Oil company BP PLC says it will begin developing its Liberty oil field, which will involve drilling the world's longest wells to reach an offshore reservoir in the Beaufort Sea.

The company said today that oil production is expected to begin in 2011. Liberty is expected to yield about 100 million barrels of oil.

New production is intended to offset declining production on Alaska's North Slope, and keep oil flowing down the trans-Alaska oil pipeline. The company estimates field development will cost $1.5 billion. Work will start this summer with a seismic survey.

The field is located on federal leases on the outer continental shelf, about 6 miles offshore from Alaska's northern coast.

Source: Associated Press

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