Wintershall set to develop Maria field

Norway

OSLO, September 4, 2015 – The Norwegian government on Friday gave the green light to German operator Wintershall to develop the Maria oil and gasfield in the Norwegian Sea.

The NOK15.3-billion ($1.85-billion) project aims at the Maria oil and gasfield’s 188 million barrels of oil equivalent in reserves, of which the majority is oil. The German company holds a 50-percent stake in the field. The Norwegian government via its oil and gas holding Petoro holds a 30-percent stake. UK utility company Centrica holds 20 percent.

Wintershall applied to the Norwegian government four months ago for permission to develop the field. Due to low oil prices and a slowing industry, a project of this scale “would mean work for many contractors with spare capacity,” Petroleum & Energy Minister Tord Lien said in a press release.

Hugo Dijkgraaf, Wintershall Maria Project Director, said via press release, “This is another important landmark for Wintershall in Norway. In a challenging oil price environment, we are moving ahead with the execution of this key development project. Through Maria we are investing in one of our core international regions which demonstrates our commitment on the Norwegian Continental Shelf.”

The Maria field should start producing in the fourth quarter of 2018.

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