LONDON: Production on the largest new oil and gas field to have been discovered in the North Sea for a decade has been approved by the UK Oil & Gas Authority.
The Culzean field is expected to produce enough gas to meet 5% of the UK’s needs when it reaches peak production.
It holds reserves equivalent to about a quarter of a billion barrels of oil.
Maersk Oil said its plans to develop the field were boosted by tax changes announced recently by the chancellor.
The company said the project is expected to support an estimated 6,000 UK jobs and create more than 400 direct jobs.
The field was discovered in 2008. Gas is expected to start flowing from the development in 2019 and continue for at least 13 years with peak production of 60,000-90,000 barrels per day.
Chief executive of Maersk Oil, Jakob Thomasen, said: “Culzean is an important development for the UK and also for Maersk Oil and our co-venturers.
“We are pleased the field will support UK economic growth as well as extend understanding of HPHT development.
“Culzean is the latest in a series of large investments by Maersk Oil in the North Sea where we are active in Denmark, Norway and the UK – reflecting our commitment to the future of the North Sea region.”
