Repsol to Invest $950 Million in Norwegian Field
December 19 2017 - 11:32AM
Dow Jones News
By Marc Bisbal Arias
Repsol SA (REP.MC) said Tuesday that it has submitted a revised
plan for development and operation of the Yme field to the
Norwegian Ministry of Petroleum and Energy, with a total investment
of around 8 billion Norwegian kroner($950 million).
The revised plan includes the re-use of existing wells and
drilling new ones.
The recoverable oil reserves for the Yme field are estimated at
approximately 65 million barrels at 10 year's total production, the
Spanish integrated oil-and-gas company said.
Production at the Yme field is expected in the first half of
2020.
Repsol said that Norwegian suppliers will account for 70% of the
total investment.
Repsol is acting as operator of and on behalf of the partners in
a consortium for the project, where it holds a 55% stake. Other
partners include Lotos Exploration and Production Norge AS with a
20% stake, OKEA AS with 15% and KUFPEC Norway AS with 10%.
Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com
(END) Dow Jones Newswires
December 19, 2017 11:17 ET (16:17 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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