Maersk Oil $4.5 billion North Sea gas project OK'dStaff writer ▼ | September 1, 2015
A.P. Moeller-Maersk A/S said has received approval to develop the $4.5 billion Culzean gas field, the largest new find in the U.K. North Sea for a decade, with the capacity to deliver around 5% of Britain's demand come 2021.
Oil and gas industry Maersk Oil is operator of the Culzean field
The field contains between 250 million and 300 million barrels of oil equivalent, the company said.
Maersk Oil said Culzean, discovered in 2008, benefits from a U.K. government support scheme for high-pressure, high-temperature fields, which typically are more expensive to develop than lower-pressure fields because of the technology that has to be deployed.
"We are pleased the field will support U.K. economic growth as well as extend understanding of high-pressure, high-temperature development," said Maersk Oil chief executive Jakob Thomasen.
The British government said the decision demonstrated its commitment to attract new investment to the country's North Sea oil sector despite difficult economic conditions.
"Despite challenging times, this government has backed the oil and gas industry at every turn," said U.K. Treasury chief George Osborne.
Maersk Oil is operator of the Culzean field with a 49.99% stake. JX Nippon owns 34.01% and BP PLC. subsidiary Britoil has a 16% stake. ■