Job Boom Promise On £4bn Kraken Oil Field

The Government has given the green light for oil firm EnQuest to invest £4bn in a North Sea oil field scheme that will support an estimated 20,000 jobs.

EnQuest said that it would plough the investment into the Kraken oil field east of the Shetland Islands, which lie north of the Scottish mainland.

The plans have been approved by the Department of Energy and Climate Change and welcomed by Chancellor George Osborne.

Aberdeen-based EnQuest added that the development will support 20,000 jobs in Britain during construction and an average of around 1,000 jobs for each year of Kraken's life.

"Kraken is a transformational project for EnQuest and we are delighted to be able to proceed with it," EnQuest chief executive Amjad Bseisu said.

"Working with the Government and our partners to maximise the extraction of approximately 140 million barrels of oil in this field, over its 25-year-long life."

There is a complex system to get oil and gas products ashore in Scotland

Gross peak oil output is expected to be more than 50,000 barrels of oil per day, with first production likely to begin in 2016-2017.

The Kraken field has gross reserves of 137 million barrels of oil equivalent per day.

"This is a big investment that will create jobs and boost the British economic plan," Mr Osborne said.

"It is also evidence that our efforts to create a competitive tax regime that gets the most oil and gas out of the North Sea are working."

EnQuest has a 60% stake in the Kraken field, while its partners Carin and First Oil hold 25% and 15% respectively.

Ageing North Sea fields are being abandoned by oil majors and increasingly rely on national oil companies from countries such as China and large service providers to keep the oil - and tax revenues - flowing.

In the past, the company that owned the asset operated it, but as output from mature fields has dwindled and oil majors such as BP and Shell have sold out to smaller producers, traditional models have become less economic.

The number of fields in the UK Continental Shelf has multiplied from 90 to 300 in the last 20 years, but the average size of new fields is shrinking fast - from 248 million barrels of oil equivalent in the 10 years from 1966 to just 26 million from 2000 to 2008.

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