French firm to invest $4.2 bn in Norway
February 3rd, 2012 - 1:41 pm ICT by IANSParis, Feb 3 (IANS) French giant energy producer Total said Thursday it is investing $4.2 billion for the development of a new oil field located in the North Sea off Norwegian coast.
“Total, operator of the Hild license, launches the development of this field located in the Norwegian North Sea … and (the license) is subject to the approval of the Norwegian Ministry of Petroleum and Energy and Norwegian Parliament (Storting),” the French group said.
Under the sharing agreement with Norwegian Petoro and Statoil companies, Total enjoys 51 percent of the new field which is expected to produce 100,000 barrels of oil equivalent per day, reported Xinhua.
Production in Hild is scheduled to start by the end of 2016, Total added in a statement posted on its website.
“… Innovation has opened up new opportunities for Total offshore Norway, where we will continue to invest annually an average of $2 billion within the next five years,” said Patrice de Vivies, senior vice president Northern Europe, Exploration-Production.
- HCL bags deal from Norway-based Statoil - Feb 13, 2012
- Chinese firm to buy Canadian energy company - Oct 10, 2011
- Italy's oil giant Eni restarts production in Libya - Sep 26, 2011
- Brazilian firm approves $225 bn investment plan through 2015 - Jul 24, 2011
- China to build large offshore wind farm - Jan 14, 2012
- Iran finds new gas field - Aug 09, 2011
- ExxonMobil and Rosneft sign deal for joint development of Arctic and Black Sea resources - Aug 31, 2011
- India, Qatar deepen energy ties, seek to promote investments (News Analysis) - Apr 13, 2012
- China joins world's elite offshore energy club - Jan 05, 2011
- China's to drill in South China Sea - May 07, 2012
- BP to sell two Gulf of Mexico assets - Nov 19, 2011
- Oil hits $100 mark - Feb 24, 2011
- Lessons that the Gulf Oil spill taught us - Jan 08, 2011
- Nissan to invest $1.4 bn in new plant in Brazil - Oct 07, 2011
- Ukraine firm to invest $1 bn in Iranian oil fields - Dec 26, 2011
Tags: bn, energy producer, exploration production, french firm, french group, new oil, new opportunities, next five years, north sea, northern europe, norwegian coast, norwegian ministry, norwegian parliament, oil equivalent, oil field, patrice, petroleum, senior vice president, statoil, xinhua