The Fram field, off the East Coast of Scotland, is one of the biggest developments to be given the go ahead in the past five years. Once production starts, the field is expected to recover an average of 35,000 barrels of oil equivalent per day.
Energy Minister John Hayes said:
“The durability of oil production in the North Sea constantly confounds expectation. It is a tribute to the high-tech advances and expertise of British industry, which has constantly pushed the boundaries of what can be produced.
“Fram itself will add around two per cent to our oil and gas production - securing jobs, creating revenue and adding to our security of supply. This announcement shows that by working with industry and by creating the right fiscal environment, our oil supplies will continue to be an asset to Britain for years to come.”