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| Production approved for Maersk Oil's Culzean gas field | Production approved for Maersk Oil's Culzean gas field |
| (35 minutes later) | |
| 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. | 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. | 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. | 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 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. | 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." | |
| Andy Samuel, chief executive of the Oil & Gas Authority, said: "Maersk Oil and partners' £3bn 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." | |
| News of the approval was also welcomed by Chancellor George Osborne who is due to visit Aberdeen later. | |
| He said: "Today's announcement sends a clear signal that the North Sea is open for business. Already the UK's oil and gas industry supports hundreds of thousands of jobs across the country and this £3 billion investment comes on the back of massive government support for the sector." |