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UK Approves New Oil Development

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An oil and gas explorer has been given approval to develop a major North Sea field.

Premier Oil will drill 22 wells at the Catcher field, 100 miles off the coast of Aberdeen.

It is hoped the field could produce about 100m of barrels of oil, with first oil targeted for mid-2017.

London-based Premier said the development had been facilitated by oil field tax incentives introduced by the UK government.

News of the approval comes after Subsea 7 was awarded a £270m contract to build a 37-mile (59.9km) pipeline and associated facilities for the development.

Premier Oil chief executive Simon Lockett welcomed the decision by the UK Department of Energy and Climate Change (DECC) to give the project the green light.

He said: “Having discovered Catcher in 2010, we are extremely pleased to have brought the Catcher area through the development approval process.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
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