This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government
The Government today gave BP and its partners Shell, ConocoPhillips and Chevron consent for their £4.5 billion Clair Ridge development west of the Shetland Islands.
The Clair Ridge project has the capability to produce an estimated 640 million barrels of oil and is planned to come on stream in 2016, extending the production life of the greater Clair area to the year 2050. The investment is also expected to support many hundreds of UK engineering, drilling and oilfields services jobs over the field life.
Prime Minister David Cameron, speaking to oil and gas representatives in Aberdeen, said:
“I am delighted to give the go-ahead for this project; this investment is great news for Aberdeen and the country and provides a massive boost for jobs and growth. It shows the confidence that there is to invest in the North Sea - we have cutting edge technology, world class skills and expertise, and a UK Government that is committed to do what we can to secure future investment.”