Maersk Oil plans to invest $1bn in the field development plan for the Golden Eagle Area in the UK North Sea.

Maersk holds a 31.56% of non-operating interest in the Golden Eagle Area, which comprises the Golden Eagle and Peregrine fields.

The fields are operated by Nexen, which holds a 36.5% interest with Maersk Oil, Suncor and Edinburgh Oil and Gas as partners.

Nexen has estimated that the Golden Eagle Area contains 140-150 million barrels of oil equivalent in gross recoverable contingent resources.

Construction of the platform is expected to begin this November, subject to the receipt of necessary approvals.

First oil production is expected in 2014 with initial expected rates between 60,000-65,000 barrels of oil a day.