Let's face it, from a financial perspective, BP (NYSE:BP) is going to put the Gulf of Mexico spill behind it eventually. For investors that may be looking at BP, one key driver for the company post-Macondo will be its projects in the North Sea. Despite some recent lackluster results from new wells in the Norwegian Sea by Statoil (NYSE:EQNR) and some major expenses that Total (NYSE:TOT) has had to deal with related to some problems with well corrosion, BP sees its oil production from this part of the world growing five-fold over the next several years.
With new technology to access deeper, more complex formations, new enhanced oil recovery techniques to extend the life of mature wells, and pipeline access to Europe BP's North Sea assets are very valuable. In the video below, Fool.com contributor Tyler Crowe discusses what investors should be watching for from BP as well as Total and Statoil in this region and whether this project and the others BP is pursuing makes it a buy today.