The importance of the North Sea in providing the UK's oil and gas needs was highlighted yesterday by Alistair Darling, Trade and Industry Secretary, when he gave the go-ahead for the 350th offshore field.

The Caravel and Shamrock fields, which will be operated by Shell (in partnership with ExxonMobil), and ConocoPhillips' Kelvin field are the latest developments in the industry's 40-year history.

Caravel was discovered in 2002. It will be developed through two production wells linked to existing Shell-operated infrastructure.

Production is scheduled to start in December, as it is with the Kelvin field which was also discovered two years ago.

In total the three fields should add 340 billion cubic feet of gas to UK reserves.

Darling also outlined the opportunity for the North Sea to lead the world in carbon capture and storage.

Speaking to the sixth annual Royal Bank of Scotland conference in Aberdeen, he said: "We're seeing record interest in licensing rounds, an influx of new companies alongside long-established players, a steady stream of developments put on the table and overall annual investment of around £10bn.

"But at the same time the industry knows it is a maturing one. With that maturity comes opportunity. Last week I announced a competition to build the world's first carbon capture and storage plant in the UK. The North Sea industry, with its skills, ingenuity and the capacity of depleted fields, has the opportunity to make a compelling case as a world leader in this new technology."