facebook
twitter
rss
account
search
search
 

Statoil moves quick on North Sea oil

May 31, 2013 at 6:21 AM   |   Comments

STAVANGER, Norway, May 31 (UPI) -- Norwegian energy company Statoil said it submitted a plan to the government to develop part of the North Sea that could yield 18,000 barrels of oil per day.

Statoil field development chief Ivar Aasheim delivered plans to Norwegian Energy Minister Ola Borten Moe for the Delta 2 field in the North Sea.

Aasheim said Delta 2 is estimated to contain at least 77 million barrels of oil equivalent. Statoil said it expects to produce around 18,000 barrels of oil equivalent per day once the project comes on stream at the end of 2014.

"Delta 2 marks an important new step for Statoil and our fast-track development strategy," he said in a statement. "The fast-track projects will considerably boost Statoil's equity production and will produce 100,000 barrels of oil equivalent daily by the end of 2014."

Delta 2 is the 11th fast-track development project for Statoil. The company said such development means it takes about half the time to execute when compared with others.

Statoil said Delta 2 represented a $1.3 billion investment.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Most Popular
1
Anheuser-Busch not satisfied with the way NFL has handled recent incidents Anheuser-Busch not satisfied with the way NFL has handled recent incidents
2
First MT30 engine for Korean Navy frigates passes acceptance tests First MT30 engine for Korean Navy frigates passes acceptance tests
3
New National Security Cutter delivered to Coast Guard New National Security Cutter delivered to Coast Guard
4
Creator of 'Honey Badger Don't Care' brand sues for trademark infringement Creator of 'Honey Badger Don't Care' brand sues for trademark infringement
5
Rheinmetall, KBR in joint venture bid for British defense entity
Trending News
Video
x
Feedback