Repsol, VNG eye Norwegian fields

OSLO, December 19, 2017 – Repsol and VNG have submitted plans to invest around USD 2.18 billion in two fields offshore Norway, international media reported on Tuesday.

VNG is to develop the Fenja oil and gasfield in the Norwegian Sea at a cost of NOK 10.2 billion (USD 1.22 billion), Reuters reported. Repsol is to invest NOK 8 billion (USD 957 million) in the Yme oilfield in the North Sea.

The combined recoverable resources estimate for both fields stands at about 165 million boe, the report added.

The news came a day after Repsol announced the start of production at the Reggane Nord gasfields in Algeria, expected to produce 8 mcm (283 mcf) of gas per day from January 2018 onwards.

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