Talisman North Sea project approved by UK government

The UK government has today approved a Talisman Energy project that will extend the life of North Sea oil fields and unleash millions of pounds of extra investment for the UK economy.

The £1.6 billion MonArb area redevelopment project will mean the production of a further 100 million barrels of oil equivalent from the existing Montrose, Arbroath, Brechin, Arkwright, Carnoustie and Wood fields. The project also includes consent for the new Cayley and Shaw fields.

The first major contract for a UK company, worth more than £50 million, has been awarded to Newcastle-based Offshore Group Newcastle Limited (OGN Group), for the engineering, procurement and fabrication of the jacket, the drilling rig’s base.

Energy Minister John Hayes said, “This significant £1.6 billion investment from Talisman marks the start of a new wave of interest in North Sea oil. Together with industry, we are creating a fertile ground for new investment that is in the best interests of the UK.

“The North Sea has been a bedrock of the UK economy, creating jobs, investment and energy security for nearly 50 years. We must do all we can to prolong the economic life of our oil rich seas and make the most of this precious resource.”

Adapted from press release by Peter Farrell.

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