Norway Statoil to invest 7 billion dollars in hydrocarbon deposit in the North Sea
Norwegian oil company Statoil announced big investment in North Sea hydrocarbon field near Shetland Islands. Photo:globalcstorefocus.com
It will be the largest project of its kind in British waters in the the past 10 years, writes Financial Times.
The announcement of the North Sea oil field investment comes more than 30 years since its discovery in 1981, and one day after the Japanese company JX Nippon confirmed the acquisition of 29% participation shares of the license rights of Statoil project partner, the Italian group Eni.
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Statoil says production works will begin in 2017 and 55,000 barrels of oil per day will be extracted from the field by 2020.
It is estimated that the deposit has reserves of 250 million barrels of oil, which ensure production in the coming 30 years.