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Energy firms unveil £1.4bn investment in North Sea gas field

Energy firms GDF Suez, Centrica and Bayerngas have signed a £1.4bn field development plan with the government to develop gas fields in the North Sea today.

The project – called Cygnus – could generate enough gas to meet up to 5% of the UK’s gas demands. It will involve the extraction of shallow water gas from an 18bn cubic metre field underneath the Southern North Sea and will support up to 4,000 jobs.

Chancellor George Osborne and business secretary Vince Cable welcomed today’s announcement, which took place at an energy summit organised by UK Trade & Investments to promote British business during the Olympic and Paralympic Games.

“Today’s summit underlines the Government’s commitment to making the UK a great place for energy firms to do business, develop new technologies and recruit the best technicians and engineers,” said Cable.

Energy firm BP also announced it would invest £60M in an International Centre for Advanced Materials at the summit.

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