US energy giant Chevron has been given the green light to develop an oil and gas field in the UK North Sea.
The Alder field was discovered almost 40 years ago but development has now been approved by the Government after “new technologies made the high-temperature and high pressure characteristics” possible.
Engineers have decided on developing the field through a single subsea well tied to the Britannia field platform almost 28 miles away.
The project has a design capacity of 110 million cubic feet of natural gas and 14,000 barrels of condensate, a light oil, every day.
Todd Levy, President of Chevron Europe, Eurasia and Middle East Exploration and Production said: “For more than 50 years Chevron has been active in the UK’s oil and gas industry, and we will continue to play a role in developing the region’s natural resources.”
Chevron holds a 74% stake in the field, where first production is expected in 2016. The rest of the stake is held by ConocoPhillips.
Last year a French firm won a two-year contract to provide engineering, procurement, installation and construction services in the Alder field.