BP and its partners, ConocoPhillips, Chevron and Shell, said they installed so-called platform jackets, part of the rig structure, for the Clair Ridge project. The company said the entire project would consist of two linked platforms and pipeline infrastructure.
BP said Clair Ridge would be able to produce more than 600 million barrels of oil during a 40-year period. At its peak, the offshore field should be able to produce 120,000 barrels of oil per day.
"The safe installation of the two jackets in to the sea bed is a fantastic achievement by the project team, and is a very visible sign of our commitment to maintaining a successful long term business in the U.K.," Trevor Garlick, BP's regional president, said in a statement Tuesday.
BP said it expects to start work on rig platforms in two years. Production at Clair Ridge should begin in late 2016.
The field is located more than 40 miles west of Shetland and covers an area of 85 square miles in shallow waters. Infrastructure associated with the field is designed to last through 2050.
WTI, Brent take big hits in Friday trading