Consent given for new North, Norwegian Sea field developments

LONDON, May 28 (UPI) -- The British subsidiary of Maersk Oil said Wednesday it received approval from British and Norwegian authorities to develop North and Norwegian Sea fields.

Maersk Oil U.K. Ltd. said it received approval to develop the Flyndre field, which straddles the border between the North and Norwegian Seas, and the Cawdor field in the North Sea.

Maersk said the approval of the field development plans supports a strategy of doubling production from the region by 2020.

Flyndre is expected to hit a peak capacity of around 10,000 barrels of oil per day with first oil expected within the next two years. Cawdor is expected to peak at around 5,000 bpd when after production begins in 2017.

The company said it expects to invest about $500 million in field development.

British Energy Minister Michael Fallon said in a statement investments like Maersk's continues to "confound expectations" because of the prevalence of mature fields in the region.