A new oil and gas development in the North Sea which will add 2% to the UK’s daily production has been given the go-ahead by the Government.
Located off the East coast of Scotland, the Fram field owned by Shell is claimed to be one of the biggest developments to be approved in the last five years. It is expected to recover an average of 35,000 barrels of oil equivalent per day when production starts.
Energy Minister John Hayes said: “The durability of oil production in the North Sea constantly confounds expectation. It is a tribute to the high-tech advances and expertise of British industry, which has constantly pushed the boundaries of what can be produced.
“Fram itself will add around two per cent to our oil and gas production – securing jobs, creating revenue and adding to our security of supply. This announcement shows that by working with industry and by creating the right fiscal environment, our oil supplies will continue to be an asset to Britain for years to come.”
Last month Chancellor George Osborne announced a new tax measure to support investment in the North Sea.