BP on Sept. 6 announced plans to jointly invest up to $1.12 billion to develop the North Sea's Kinnoull reservoir.
BP owns 77% of Kinnoull, with Italian energy group Eni holding just under 17% and another company, Summit, a little more than 6%.
BP added that the investment would create more than 1,000 jobs across Britain.
Production at Kinnoull, which contains 45 million barrels of oil equivalent, is set to begin in 2013.
"The Kinnoull project is a further demonstration of BP's vision to sustain a material and high-quality business in the North Sea region," said BP's Trevor Garlick.
Copyright Agence France-Presse, 2011