BP's (BP) new GBP4B investment in the giant Clair field is something of
a turnaround in terms of commitment to the North Sea, notes Evolution
Securities. Says that in recent years the majors have tended to talk more about
redeploying capital to less mature regions with greater prospectivity.
Thursday's
announcement highlights the fact there are still substantial fields to be
developed in the
North Sea
, the brokerage adds. Has BP
at buy, with a 510p target price. Shares trade 2.1% lower at 403p, in a
negative general market and with the November Brent contract down 1.3% at
$109.92.