UK gives green light to £3bn North Sea gas field

UK gives green light to £3bn North Sea gas field

by Big Mac

 

 

Gas and oil industry symbols

The UK Oil & Gas Authority has given the green light to develop a new gas project worth £3 billion in the North Sea.
The Culzean field is expected to produce enough gas to meet 5% of the demand in the country at peak in 2020/2021.
It was discovered in 2008 by Danish company Maersk Oil which estimates the condensate gas field has between 250 to 300 million barrels of oil.
The project will be operated by Maersk Oil, JX Nippon and BP (Britoil) and is expected to create around 6,000 jobs.
Andy Samuel, Chief Executive of the Oil & Gas Authority said: “Maersk Oil and partners’ £3 billion investment to develop the Culzean discovery is excellent news for the UK during a period when the decline in global oil prices has created difficult operating conditions for this critical sector of our economy.
“The Oil & Gas Authority has worked closely with Maersk Oil and HM Treasury on the development plans for the Culzean field, which will support many new contracts in the oil and gas supply chain across the UK.”