LONDON (AP) - Four oil companies say they have won British government approval for a 4.5 billion pound ($7.1 billion) investment in developing a major oil field in the North Sea.
BP, Shell, ConocoPhillips and Chevron are partners in the plan to install two new bridge-linked platforms in the Clair field, west of the Shetland Islands.
Prime Minister David Cameron described the project as "a massive boost for jobs and growth."
BP said Thursday that production from the new platforms is planned to begin in 2016 and continue for 40 years. The twin units would have a peak capacity of 120,000 barrels per day.
BP has a 28.6 percent stake in the venture, Shell has 28 percent, ConocoPhillips has 24 percent and Chevron 19.4 percent.