Statoil to develop Mariner after UK government approval / News / The Foreigner

Statoil to develop Mariner after UK government approval. Energy giant Statoil is venturing into the British Sector following the green light from the government’s Department of Energy and Climate Change (DECC).

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Statoil to develop Mariner after UK government approval

Published on Monday, 18th February, 2013 at 09:09 under the news category, by Michael Sandelson and Gerald Jones   .
Last Updated on 18th February 2013 at 09:25.

Energy giant Statoil is venturing into the British Sector following the green light from the government’s Department of Energy and Climate Change (DECC).

Statoil Forus
Statoil Forus
Photo: Øyvind Hagen/Statoil


The project at the Mariner heavy oil field is the largest new offshore development in the UK for ten years. Statoil is to pump in approximately USD 7 billion.

British Energy Minister Edward Davy and Statoil’s Helge Lund signed the agreement in Oslo, Friday.

“The North Sea is a core area for Statoil and we look forward to taking a leading role in further developing also the UK part of this basin,” said Statoil CEO Helge Lund in a statement.

Statoil expects to start production in 2017, with average daily production in the first three years forward from this time believed to be 55,000 barrels of oil. It is predicted production will last for 30 years.

Development of the field will be undertaken using a production, drilling and quarters (PDQ) platform based on a steel jacket.

There will be 50 active well slots, as well as a floating storage unit (FSU) of 850,000 barrels capacity.

A jack-up rig will also be used in the initial four to five-year period, according to the company.

This venture will mean an extra 700 or so jobs in the Aberdeen area.

The Mariner field, discovered in 1981, is located about 150 km (some 93 miles) east of the Shetland Isles on the East Shetland Platform of the UK North Sea.

Statoil only resumed drilling after the UK Government gave the Norwegian company tax concessions in 2011 following Chancellor of the Exchequer George Osborne’s windfall tax warnings.

A company spokesperson told The Foreigner at the time Statoil decided to “pause and reflect” about its Mariner and Bressay projects

“The proposed tax changes impact project economics significantly and represent a substantial set back,” the person said.



Published on Monday, 18th February, 2013 at 09:09 under the news category, by Michael Sandelson and Gerald Jones   .
Last updated on 18th February 2013 at 09:25.

This post has the following tags: statoilmariner, ukoilandgas.





  
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