OSLO, Dec 18 (Reuters) – Statoil and partners expect to invest some 8.2 billion Norwegian crowns ($933.87 million) in the development of the Oseberg Vestflanken 2 project off Norway, the firm said on Friday.

Production is expected to start in the second quarter of 2018, Statoil said in a statement. Vestflanken 2 is seen to produce in excess of 100 million barrels of oil equivalents in its lifetime.

Oseberg Vestflanken 2 is the first of three planned phases for developing the remaining reserves in the Oseberg area, Statoil said.

Statoil’s partners in Oseberg are Norwegian state-owned firm Petoro with 33.6 percent, France’s Total with 14.7 percent and ConocoPhillips with 2.4 percent. Statoil’s stake is 49.3 percent.

($1 = 8.7807 Norwegian crowns)

(Reporting by Stine Jacobsen, editing by Gwladys Fouche)

 

Copyright 2015 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Source link

NO COMMENTS

LEAVE A REPLY