Tuesday, February 07, 2012

Total launches Hild field development

Tuesday, February 07, 2012

Total, operator of the Hild license, launched the development of the field located in the Norwegian North Sea.

"The Hild field development is an important milestone for Total in Norway, made possible thanks to significant technological progress," said Patrice de Vivies, Senior Vice President Northern Europe, Exploration-Production.

"Innovation has opened up new opportunities for Total offshore Norway, where we will continue to invest annually an average of US$2 billion within the next five years. Norway will remain in the coming years as one of the largest contributors to Group production."

The development will represent an investment of US$4.2 billion (NOK 25.6 billion) and is subject to the approval of the Norwegian Ministry of Petroleum and Energy and Norwegian Parliament (Storting).

Total holds a 51 % interest together with its partners Petoro (30 %) and Statoil (19 %). Hild’s reserves amount to approximately 190 million barrels of oil equivalent (boe). Production is expected to start end of 2016 and will reach 100,000 boe per day at peak.

View the original article here

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