Total launches $4.2 bn development of Norwegian field

2nd February 2012, Comments 0 comments

French energy giant Total said Thursday it was launching development of the Hild gas and oil field in the Norwegian North Sea with investment of $4.2 billion (3.2 billion euros).

Total holds a 51 percent stake in the Hild field that has estimated reserves of 190 million barrels of oil equivalent, with production set for the end of 2016 and to reach a peak of 100,000 barrels per day.

Processed gas would be shipped to Britain via pipeline and oil shipped off by tankers.

Norway's offshore energy development company owns a 30 percent stake and state-owned oil and gas company Statoil has a 19 percent share.

The project still awaits final clearance by the Norwegian authorities.


© 2012 AFP

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