Maersk to develop North Sea gas field off Britain in $4.5 billion investment with partners

Maersk Oil says it has permission from British authorities to develop a gas field off the British coast in the largest find in the North Sea in a decade.

The Danish company said Monday the Culzean field, discovered in 2008, has an estimated 250 to 300 million barrels of oil equivalent, or enough to produce about 5 percent of Britain's total gas demand at peak production in 2020-2021.

Production is expected to start in 2019 and continue for at least 13 years.

Maersk Oil, JX Nippon and BP (Britoil) are investing $4.5 billion in the development.

Maersk Oil CEO Jakob Thomasen said the Culzean field is an important development for Britain and the company, which reflects "our commitment to the future of the North Sea region."