Statoil ASA (STL), Norway’s largest oil and natural gas company, will invest 1.1 billion kroner ($188 million) in the Vilje South field as it seeks to increase domestic production.
The ‘fast-track’ development of Vilje South, in the central region of the North Sea, is an extension of the main Vilje field. It will involve a single well tied back to Marathon Petroleum Corp.’s Alvheim field 19 kilometers (12 miles) away, the Stavanger-based company said today in an e-mailed statement.
It’s the sixth such investment decision to be taken this year with one more expected, Halfdan Knudsen, chief of Statoil’s fast-track portfolio, said in the statement. Plans to speed up development of Snorre B and Mikkel South have been shelved, Statoil said.
Vilje South is estimated to hold 7.6 million barrels of oil equivalent with net oil production expected at about 5,000 barrels a day in 2014, the company said.
Aker Solutions ASA (AKSO) was awarded a 225 million-kroner contract to build the subsea system, which is expected to be completed in the second quarter of 2013, the company said in a separate statement.
Statoil holds a 29 percent stake in the license and is the operator. Marathon holds 47 percent and Total SA (FP) 24 percent, according to the Norwegian Petroleum Directorate’s website.
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