Clair Ridge is the second development on the Clair Field, which was discovered more than 40 years ago and brought online in 2005.

BP  and partners are moving closer to marking first oil from the Clair Ridge development west of Shetland in the North Sea, where they are targeting some 640 million barrels (MMbbl) of recoverable resources.

“We expect startup before the end of the year and we’re about 97% complete on the Clair Ridge project,” BP Group Chief Executive Bob Dudley told analysts July 31 following the release of the company’s second-quarter 2018 earnings.

The development, which includes two new bridge-linked platforms, has been designed to produce until 2050 with a peak production capacity of 120,000 barrels per day. It is the second development on the Clair Field, which was discovered more than 40 years ago and brought online in 2005.

BP has said a third phase of the development is possible as appraisal drilling in the field continues.

“Clair has more than 7 billion barrels of oil initially in place and has significant value associated with future development opportunities, including the Clair Ridge project currently under development,” Dudley said.

BP serves as operator of the field and earlier this month increased its stake to 45.1% after an acreage swap with partner ConocoPhillips (7.5%). Royal Dutch Shell and Chevron are also partners.