UK Government gives the go ahead for £3 billion North Sea gas field
A new gas project in the North Sea worth £3 billion has been given the go ahead by the UK Oil & Gas Authority (OGA). The OGA was launched in April 2015 as one of the first moves by the new conservative government to act as the governing body to the North Sea oil and gas industry and assist with economic recovery.
The Culzean field is the biggest discovery made in the North Sea for a decade and holds around a quarter of a billion barrels of oil equivalent. It is expected that it will produce enough gas to meet 5% of the UK’s needs by the time it is fully operational.