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Full steam ahead for new North Sea fields.
(From Lloyds List)
OIL company investment in the North Sea will lead to almost 90 new oil and gas fields coming on line by 2010, writes Martyn Wingrove.
Oil majors and independents are looking to increase their hydrocarbon production with numerous new projects in the UK and Norwegian sectors using platforms, subsea tie backs and floating production systems.
According to the latest Lloyd's List Energy report, there could be more than 50 developments in the UK sector from this year to 2010, including 30 new oil fields coming on stream.
Investment in the central and southern sectors of the North Sea could also see 24 gas fields brought on line over the next three years, mostly driven by the independent companies.
Investment in UK oil fields will stem the decline in production seen since peak output levels in 2000 and could raise production to 1.8m barrels per day next year.
In Norway there should be 33 projects, including 20 oil and 13 new gas fields, with Statoil remaining a key player in their development.
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