JX Nippon has been given approval to develop oil fields in the North Sea.

Thursday 21 February 2013

JX Nippon’s Exploration and Production subsidiary has been given approval for a Field Development Plan (FDP) in the North Sea.

The company had already made its investment decision when it received approval from the Department of Energy and Climate Change (DECC) to carry out its FDP in the Mariner Field, about 150km east of the Shetland Islands.

Including all of the drilling which will need to be carried out, total investment is expected to top $7 billion (£4.6 billion).

One of the largest undeveloped oil reserves in the North Sea, the Mariner Field is thought to contain recoverable reserves of more than 250 million barrels. In the first four years, production is expected to stay around 55,000 barrels every day.

Production startup is expected in 2017, with an anticipated life of 30 years. From initial development onwards, it is likely to encourage growth in the British energy industry and present opportunities for many contractors working in the sector.

By Victoria McDonnell

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