Statoil ASA : Statoil To Invest GBP18 Billion In North Sea Mariner-Bressay Fields
06/07/2012| 07:09am US/Eastern
By Kjetil Malkenes Hovland
Norwegian oil giant Statoil ASA (STO) is going to invest a total of GBP18 billion over the lifetime of the U.K. Mariner and Bressay oil fields, the U.K. government said Thursday.
This is "a big investment into North Sea production," U.K. Prime Minister David Cameron told reporters in Oslo, after meeting with the Norwegian Prime Minister Jens Stoltenberg, and announcing a deal of closer energy cooperation between the U.K. and Norway.
Statoil had previously announced a GBP6 billion investment in the Mariner-Bressay fields in the U.K. part of the North Sea, which would create 700 jobs. Today's announcement adds 300 more jobs, as well as a new operations base in Aberdeen.
The Mariner field is expected to hold recoverable resources of between 300 and 500 million barrels of oil equivalent, while the recoverable resources at the Bressay field are estimated at 200 to 300 million barrels of oil equivalent.
In 2011, Norway supplied the U.K. with 42% of its gas imports and around 62% of its oil imports, according to the U.K. government.
-Write to Kjetil Malkenes Hovland at email@example.com