Oil company creates 100 North-East jobs (From The Advertiser Series)
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EnQuest's brownfield tax allowance will provide jobs in Newcastle
6:00am Wednesday 6th February 2013 in Business
By Steven Hugill
MORE than 100 jobs could be created in the North-East after an oil and gas producer secured a new deal.
EnQuest, the UK's largest oil producer in the North Sea, has been given a brownfield tax allowance to exploit its Thistle oil field, north-east of Aberdeen.
The move will create at least 100 onshore engineering and supply chain roles in Newcastle and 1,000 posts across the UK during the next three years, while safeguarding 500 existing jobs on the North Sea.
EnQuest says it expects to invest £160m in the field from the the Government allowance, which allows companies to lower their tax rate on profits on existing fields with increased production.
It also hopes to install a 30-megawatt power turbine and improved control safety system.
David Heslop, EnQuest general manager, said: “The brownfield tax allowance will allow us to embark on a new phase on Thistle and realise reserves of 35 Million Barrels of Oil Equivalent (MMBOE).”
