Norway’s Statoil and project partners will spend £830million to develop the Oseberg Delta field neighbouring the Oseberg oil and gas field in the Norwegian North Sea.
The field, which is located about 87miles north-west of Bergen, is estimated to contain 77million barrels of oil equivalent and to start production in the fourth quarter of 2014.
Partners in the Oseberg field are Statoil, with a stake of 49.3%, Total with 10.0%, ConocoPhillips 2.4%, Mobil 4.7% and Norwegian state-owned firm Petoro with 33.6%.
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