A London-based oil and gas explorer has received final approval from the Government to develop a major field in the North Sea.
Premier Oil will drill 22 wells at the Catcher field, which is located around 100 miles off the coast of Aberdeen.
It is expected to produce around 96 million barrels of oil equivalent, with a peak production rate of around 50,000 barrels per day.
Energy Minister Michael Fallon said: “The Catcher area development shows that there continues to be an extraordinary level of interest in North Sea oil and gas, which is excellent news for industry and for the whole of the UK.
“The project represents over £1 billion of investment and almost all of the subsea expertise and equipment needed for this development is being supplied by British companies right across the country.”
First oil is expected to be produced from mid-2017. Premier holds a 50% interest in Catcher, with the other stakeholders being Cairn Energy (30%) and MOL Group (20%).