Maersk Oil has received approval from the British Oil and Gas Company (OGA) to begin development in the Culzean oil field, considered the largest field in the British share of the North Sea by analyst agency Wood Mackenzie. According to a Maersk press release, the project can now commence in 2019 according to schedule, continue for a minimum of 13 years and generate an projected 60 – 90 000 barrels of oil per day (boepd).
The Danish Oil company owns half of the Culzean gas field, which was discovered in 2008 and is estimated to hold between 250 – 350 million barrels. Ownership of the remaining half is divided between the Italian firm Eni, British company Britoil and Japanese company JX Nippon. Approximately USD 4.5 million has been invested in the development of the field, which together with expected peak production in 2020-2021 is estimated to provide for around 5 percent of overall British oil consumption.
Get full access for you and your coworkers.Start a free company trial today
Already a member? Log in.