One of the North Sea’s largest new oil projects in a decade has seen the first delivery of oil.
Located around 125km east off the Shetland Islands, the Kraken field is expected to contain around 128 million barrels of oil.
The project will also support more than 1,000 jobs in the UK for each year of its more than 20-year lifespan, according to oil and gas development and production firm EnQuest.
The Kraken Area – Kraken and Kraken North – is estimated to have 3% of remaining UK oil reserves, 2% of total oil and gas reserves and at peak in 2019 is expected to be responsible for 3% of total UK oil and gas production.
Business and Energy Secretary Greg Clark said: “This is a landmark project for EnQuest and the UK oil and gas sector as one of the largest new oil fields to come onstream in the North Sea in a decade.
“This has been made possible through significant UK Government support worth £2.3 billion over two years to encourage investments of this type in the North Sea, supporting thousands of highly-skilled jobs.”
The North Sea currently supports around 330,000 jobs across the UK, with a supply chain that had an estimated turnover of £28 billion last year.