Statoil announces North Sea investment

Norway

OSLO, June 14, 2016 – Norwegian major Statoil will invest close to USD 1 billion in the offshore Oseberg Vestflanken 2 development, the company announced on Tuesday.

The North Sea-based brownfield endeavour will see Statoil utilise a remotely controlled unmanned platform for 10 well slots targeting the Alpha, Gamma and Kappa structures of the field in an effort to unlock some 110 million barrels of oil equivalent.

Start-up of the Oseberg facility is scheduled for the second quarter of 2018. Two more field development phases are planned, and the producing life of the North Sea asset is expected to extend through 2040. Oseberg’s other stakeholders are Petoro with 33.6%, Total (14.7%) and ConocoPhillips with 2.4%.

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