North Sea oil plan approved

A £1.6bn project to develop mature North Sea oil fields has been approved by the Department for Energy and Climate Change. The Talisman Energy project is the first to be implemented as a result of HM Treasury’s brownfield tax allowance. The Montrose Area Redevelopment project will integrate established fields with two under developed oil fields. Overall, the project will lead to the production of 100m new barrels of oil.