Oil & Gas UK, the industry body representing the oil and gas industry in the UK, welcomes the £1.5bn Catcher Project approval.
Oil & Gas UK said it welcomed that Premier Oil plc’s Catcher Project is to go ahead, a project set to recover around 100 million barrels of oil from the North Sea.
Oil & Gas UK operations director Oonagh Werngren said:
“This is yet another clear sign that opportunity remains in the North Sea, and it reiterates the importance of ensuring the UK Continental Shelf (UKCS) continues to offer a stable fiscal environment where such investments can proceed, contributing to the long term success of our industry.
“The Catcher Project, the largest investment announced in the UK North Sea this year and one of the largest industrial investments of 2014, is a good example of a project that has been enabled as a result of government field allowances.
“Development of Catcher will secure a significant number of jobs for the UK, provide a valuable source of primary energy to enhance our security of supply and generate tax revenues for the Treasury, which is all very much to be welcomed.”