ConocoPhillips submits $1.1 billion Norway oil development plan
SANDEFJORD, Norway (Reuters) -ConocoPhillips submitted on Monday a plan to develop an oil discovery within the Norwegian North Sea for 10.5 billion Norwegian crowns ($1.10 billion), the U.S. petroleum firm stated.
Generally known as Eldfisk North, the event is a part of the broader Ekofisk space, the place hydrocarbons have been pumped for greater than 50 years, and the operator stated the brand new reserves are anticipated to return on stream in 2024.
The Eldfisk North reservoir accommodates largely oil and a few gasoline and is estimated to carry between 50 million and 90 million barrels of oil equal, ConocoPhillips stated.
In the course of the COVID-19 pandemic, Norway launched tax incentives for fields coated by growth plans launched by the top of 2022, a part of Norway’s bid to increase the lifetime of its oil and gasoline trade for many years.
The plan is topic to customary approvals from Norwegian authorities.
“We’re going to course of the event plan as quick as doable,” Norway’s Minister of Petroleum and Power Terje Aasland instructed reporters.
Ekofisk is operated by ConocoPhillips, which holds a 35.1% stake, whereas TotalEnergies owns 39.9%, Vaar Energi 12.4%, Equinor 7.6% and Petoro 5%.
Norway is western Europe’s largest oil and gasoline producer, pumping round 4 million barrels of oil equal per day, however a few of its main fields face depletion within the coming decade.
($1 = 9.5506 Norwegian crowns)
(Reporting by Nerijus Adomaitis and Nora Buli, enhancing by Terje Solsvik, Kirsten Donovan)
