facebook
twitter
search
search

Norway signs off on North Sea oil work

Nov. 26, 2012 at 7:39 AM

STAVANGER, Norway, Nov. 26 (UPI) -- Norway's petroleum ministry approved fast-track development plans for the Svalin oil field in the North Sea, energy company Statoil said.

Statoil said it would use existing infrastructure to tap into the offshore Svalin field in shallow waters of the North Sea. The company said the area holds about 75 million barrels of oil and is to begin production in 2014.

The company said the Svalin field will produce only oil, a characteristic considered unusual for fields on the Norwegian continental shelf.

In terms of natural gas, the company said it started production at the Visund South field in the North Sea. Oil there is expected to account for 25 percent of the production overall production. The volume of reserves in Visund South was estimated by Statoil at 67 million barrels of oil equivalent.

Statoil said Visund South represents about $1 billion in investments. The field has an expected lifespan of more than 15 years.

Norway is Europe's top oil producer and ranks second, behind Russia, in terms of natural gas.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
JetBlue first major airline to offer direct New York to Cuba flights
Samsung faces lawsuit from China over smartphone 'bloatware'
BBC to lay off 1,000 people to make up for $234M in lost revenue