Multibillion-pound plans for a North Sea oilfield that would create hundreds of jobs could soon be back on track, Statoil’s top man in Aberdeen has revealed.
Gunnar Breivik told the Press and Journal the recent Wood Review, in which former Wood Group chairman Sir Ian Wood set out his ideas for boosting investment in the UK North Sea, could speed up Statoil’s plans for the Bressay field.
Statoil announced last November that it was putting the development of Bressay, where it was targeting up to 300million barrels of oil, on hold.
It said it hoped to find a cheaper way of exploiting the resource, located south-east of Shetland.
But Mr Breivik, vice-president for Statoil’s western Europe business, said yesterday he was optimistic about Bressay going ahead and a final decision being made the year after next.
He added: “We are trying to unlock it and are meeting with partners to move the project forward. Hopefully, we can sanction it in 2016.”
The development could benefit from “rethinking” currently taking place in the industry as a result of the Wood Review, he said, adding: “We are quite determined to move it forward, sanction it and make it profitable.”
Statoil established a presence in Aberdeen in 2012 in readiness for its £4billion-plus Mariner project, about 80 miles south-east of Shetland.
Mariner is expected to produce for 30 years, with average production of around 55,000 barrels of oil per day over the plateau period from start-up in 2017 to 2020. Statoil is using its extensive heavy oil experience from Norway, Brazil and Canada to develop Mariner and, potentially, Bressay.
The company is also increasing its exploration activities in the UK North Sea.
It secured eight licences in the 27th UK licensing round for oil and gas drilling. Exploration drilling for its P2067 licence is due to start soon.
