Built Environment News

20,000 jobs from £4Bn Kraken investment

0.0 / 15 November /
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

Share with Twitter   Share with Facebook   Share with Linkedin

Comments (0)

  • No comments

Most Read

  • Suttons Tankers wins Yorkshire Water £60m AMP7/8 contract

    / 10 August /
    The bioresources sludge removal and transport services deal will cover the transportation for all internal liquid sludge and raw sludge cake from sewage works to sludge treatment centres. Over the course of the contract a 15% carbon savings has been forecast, which forms part of Yorkshire
  • Thames Water invests £55.7m to upgrade Guildford network

    / 21 July /
    The announcement comes during the ongoing £1.8m upgrade of Netley Mill water treatment works, which supplies 8,500 properties in Cranleigh and the surrounding villages via Hurtwood, Alderbrook and Lambswood reservoirs. The work will increase the resilience of the site and reduced the risk of
  • Govt & Ofwat call on water companies to accelerate AMP7/8 plans

    / 29 July /
    In an joint letter to UK water companies, the Government, the Environment Agency, the Drinking Water Inspectorate, Ofwat and CCW have called on them to accelerate their existing AMP7 plans – and consider bringing future investment from 2025 and beyond forward.The letter says they can play

Add comment to 20,000 jobs from £4Bn Kraken investment

Comment text