20,000 jobs from £4Bn Kraken investment

20,000 jobs from £4Bn Kraken investment

Some 20,000 oil and gas jobs are expected to be created during the construction phase of a £4Bn North Sea development announced today by the UK’s largest independent oil producer EnQuest.

 

EnQuest’s interim management statement today confirmed that it will extend development of the Kraken Field, east of the Shetland Islands, increasing its own reserves by 50%. The investment, 80% of which the company says will be spent in the UK, is thought to be the largest in the North Sea this year.

 

EnQuest is a specialist in extending the life of old fields – Kraken is over 25 years old - which fits with current government strategy for the offshore industry. Kraken, located in the East Shetland basin, some 80 miles off Shetland, is a ‘heavy’ oil field, which presents greater technical challenges than extracting from lighter oil fields.

 

Kraken is expected to produce net peak oil of over 30,000 Barrels of oil equivalent (Boepd), or 50,000 Boepd gross,  which should start to come on stream in 2016/17. The field layout will consist of 25 wells tied back to a Floating Production, Storage and Offloading vessel (FPSO).

 

EnQuest’s other North Sea assets include producing oil fields, major new developments like Kraken, and a portfolio of discoveries. Last month EnQuest acquired 50% of the North Sea’s Greater Kittiwake area assets from Centrica North Sea Oil and 100% of Centrica’s interest in the Kittiwake oil export pipeline.

 

The company’s new eight storey, 120,000 sq ft headquarters building that will house 500 staff is under construction in Aberdeen. 

 

Photo: Gary Bembridge

Please rate

Comments 

Ctrl + Enter

Most Read

Is there a post-Brexit salary rise? It looks like it...

Is there a post-Brexit salary rise? It looks like it...

Following the Brexit vote in June last year, many experts predicted that markets would continue to fall leaving salaries stagnating and even falling in some sectors. Data shows the pace at which new jobs are being created is still slower than in 2014, with economic growth affected by the

Julian Taylor, Water Recruitment Team Leader

Julian Taylor, Water Recruitment Team Leader

Today we interviewed Julian Taylor, the Head of the Water Team at Anglo. He shares his thoughts on the water industry and gives some useful advice to professionals who are working in the Water and Wastewater industries.   A: What is your professional background? J: Well, I have been in

Some thoughts on the place of Women in Engineering

Some thoughts on the place of Women in Engineering

According to the latest women in engineering statistics from EngineeringUK 2017 report “women make up only 1 in 8 of those in engineering occupations and less than 1 in 10 of those in an engineering role within an engineering company”.  Would having more women engineers help tackle

This website uses cookies to enhance your user experience. By continuing to use this site, you consent to our use of these cookies. See our Cookie Policy.