EnQuest: $6.4 billion slated to develop Kraken oil field in North Sea

LONDON, Nov. 15 (UPI) -- British energy company EnQuest said Friday it would invest $6.4 billion to develop the 137 million-barrel Kraken oil field in the North Sea.

EnQuest said its development plan was approved by the Department of Energy and Climate Change. It said the investment is the largest in the British portion of the North Sea and one of the biggest industrial investments in the country this year.


"Kraken is a transformational project for EnQuest and we are delighted to be able to proceed with it; working with the government and our partners to maximize the extraction ... of oil in this field over its 25-year-long life," EnQuest Chief Executive Officer Amjad Bseisu said in a statement.

The Kraken field is about 75 miles east of the Shetland Islands.

EnQuest said the field contains 137 million barrels of oil and that gross peak oil production should be more than 50,000 barrels per day, with the first oil production expected as early as 2016.

The company said Kraken development should support more than 20,000 jobs during the construction phase and 1,000 operational jobs during its life span.

Latest Headlines