Total launches $4.2 bn development of Norwegian field
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