Press Esc to close

WorldOil

World Oil News Center



UK approves Talisman' s $2.6 billion North Sea oil field project

BY BEN WINKLEY

LONDON -- The United Kingdom government has approved a project to extend the life of six North Sea oil fields and open two more.

The MonArb Area Redevelopment project will involve $2.56 billion of investment from Talisman, according to a statement from the Department of Energy and Climate Change.

Talisman said it would begin work on the project immediately, with first production expected in 2016.

Falling under the United Kingdom government' s Brown Field Allowance, a tax break aimed at encouraging investment in older oil and gas fields in the North Sea, the project will lead to a further 100 MMboe being extracted from the existing Montrose, Arbroath, Brechin, Arkwright, Carnoustie and Wood fields. It also includes consent for the undeveloped Cayley and Shaw fields.

Energy Minister John Hayes said: "We must do all we can to prolong the economic life of our oil rich seas and make the most of this precious resource."

Talisman' s production in the United Kingdom averaged 71,500 boepd, according to the company' s website, representing about 17% of its total global output. The existing fields' producing life will be extended by 13 years, and the project as a whole will add 36,000 boepd of gross incremental production to Talisman.

Dow Jones Newswires

10/25/2012

 

Bookmark and Share


WO DATA HUB

EngineeringTablesIcon-Large

Engineering Data Tables

World Oil's specialized upstream Engineering Data Tables featuring the Drill Bit Classifier, Tubing Tables and more. Get Total Access today.

WO SUPPLEMENTS

2013 Fracturing Technology

2013 Fracturing Technology

MEDIA CENTER

By Digital Publisher

Drill Bit Classifier World Oil published its renowned Drill Bit Classifier in September 2013. The Drill Bit Classifier is a comprehensive listing of major manufacturers' d...

ENERGY EVENTS