The UK has frozen the development of a large oil field owned by a Norwegian company due to environmental requirements. The project is estimated to cost $3.8 billion.
This was reported by the analytical publication Oilprise.com.
Experts report that the project has been suspended due to non-compliance with environmental standards. During an inspection of the construction site, equipment was found that would emit excessive greenhouse gases and toxic substances.
The field's reserves amount to 336 million barrels of oil equivalent, divided into 210 million barrels of oil and 177 billion cubic feet of gas. It is called the most undeveloped field in British waters.
The company was expected to reach peak production of around 70,000 barrels per day and 1.8 million cubic meters per day. At full capacity, the project could cover up to 7% of the UK's domestic oil demand.
According to representatives, the company must bring its greenhouse gas emissions into line with current standards in order to continue developing the field.
As EcoPolitic reported earlier, oil and gas giant BP is abandoning its ambitious green strategy.
