OMV in plans for $6bn initial spend to develop Norway oil discovery

17/01/2019 09:21 Oil Market

news

Austria's OMV and partners plan to invest up to $6 billion initially to develop the Arctic Wisting oil find, Norway's northernmost oil discovery, which could start production within a decade, a senior executive said on Wednesday.

OMV, which is partly owned by Abu Dhabi's Mubadala Investment Company, owns a 25 per cent stake in the Wisting licence and the other stakeholders are Norway's Equinor, Norwegian state-owned firm Petoro and Japan's Idemitsu.

 

OMV said the recoverable resource estimate of the find had increased to 440 million barrels of oil, from 350 million barrels previously, after drilling of an appraisal well at the site in 2017.

 

Knut Mauseth, head of OMV's Norwegian subsidiary,said on the sidelines of an energy conference on Wednesday that the group plans an initial investment of $4.7 billion to $5.9bn to develop the find.

 

Wisting is Norway's northernmost oilfield, located 300 kilometres north of the Nordic country's mainland.

 

The Norwegian government is keen for oil firms to develop new oil and gas in the Barents Sea and is considering building an oil terminal on mainland Norway to handle oil exports from offshore fields.

Source: thenational.ae

Daily (31.03.2020): Oil prices plummeted to 18-year lows on Monday as demand suffers an unprecedented decline

31/03/2020 10:51:00

Crude oil prices crashed to fresh 18-year lows on Monday as growing fears over the coronavirus pandemic eroded demand, while the Saudi Arabia-Russia price war threatened to overload the market. Brent crude collapsed by 8.7% to close at $22.76 a barrel, the lowest settlement since November 2002. Meanwhile, the U.S. WTI crude plunged by 6.6% to end at $20.09 a barrel.

<READ MORE

Vestas wins 109MW French fancy

31/03/2020 09:28:00

Vestas has secured a turbine order totalling 109MW from an undisclosed customer in France for an unnamed wind farm.

READ MORE

Poland State Gas Distributor Says It Wins $1.5 Billion From Russia's Gazprom In Price Dispute

31/03/2020 09:23:00

Poland’s largest distributor of natural gas has announced it won a years-long energy-supply price dispute with Russia’s state-run Gazprom worth $1.5 billion at an international arbitration court in Sweden.

READ MORE