Dana Petroleum’s £1bn development approved
Investment drive to target Harris and Barra North Sea fields
By Gaurav Sharma | CFO UK | Published 12:24, 17 December 12
Oil firm Dana Petroleum has been granted approval to develop the Harris and Barra North Sea fields.
In a statement on Monday, the company said it would invest £1 billion towards the development of nine wells in Harris and Barra fields. It added that the fields could contain recoverable oil reserves of over 45 million barrels.
Marcus Richards, chief executive of Dana Petroleum, said, "This undertaking is at the heart of our growth strategy. Unlocking the potential of these new fields is a significant milestone as we aim to double our production to 100,000 barrels a day by 2016."
Richards said the investment was made possible by UK Chancellor George Osborne's move this year to "support" oil and gas companies operating in the North Sea. Dana Petroleum expects production to commence in 2015.
A spokesperson for the UK Treasury said, "The North Sea is a vital national asset, with oil and gas production supporting a third of a million jobs. That is why this Government has announced a range of tax measures expected to generate billions of new investment and create jobs. Dana Petroleum's announcement is a further endorsement of that strategy."
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