Maersk Oil said that its partners of the Danish Underground Consortium (DUC) have approved extension of a new unmanned platform in the Danish North Sea, at a cost of $800m.
The proposed extension of Tyra Southeast platform will produce a mixture of oil and gas and is expected to add reserves and resources of 50 million barrels of oil equivalent over the next 30 years to the Danish production.
Maersk Oil Danish Business Unit managing director Mark Wallace said the expansion will be the largest investment by DUC partners since the approval of Halfdan Phase 4 in 2007.
"This is the kind of investment needed to secure future Danish oil and gas production. The new host platform and wells will add significantly to our production, and we expect it to produce for the next 30 years," Wallace added.
"The Danish North Sea still contains significant oil and gas resources. However, the remaining oil and gas is becoming progressively more difficult to extract requiring efficient development, new technology and continued large investments."
The Tyra Southeast expansion project will involve development of the platform, pipelines and drilling of the wells.
The platform is estimated to produce about 20 million barrels of oil and 170 billion standard cubic feet of gas, combined reserves and resources of 50 million barrels of oil equivalent.