Green Norway develops a large new oil field
Norwegian Energy Minister Terje Aasland has received the field development plan for a new oil and gas field in the North Sea, which will be connected to an existing platform and is expected to cost $572 million (6.3 billion Norwegian kroner).
The field operator, OKEA, has submitted the development and operation plan (PDO) of the Bestla oil and gas field, which will be connected to the Brage platform and which will extend the life of the Brage field, the Ministry of Energy said on Tuesday Norwegian Energy.
Earlier this month, operator OKEA and its partners at the Brasse field renamed it Bestla and made the final investment decision to proceed with the development of Bestla in a tie-back to the nearby Brage field production facilities.
The expected start of oil and gas production for Bestla is in the first half of 2027, while expected recoverable resources are estimated at 24 million barrels of oil equivalent, the Norwegian ministry said.
Bestla's plan is the first development plan for the field presented to the Minister this year, and it probably won't be the last.
“The world will need oil and gas for many years to come, so it is important that companies continue to develop new projects and help support long-term oil activity on the continental shelf,” Minister Aasland said in a statement .
Oil and gas companies expect to boost exploration activity and spending offshore Norway this year, as Western Europe's top oil and gas producer seeks to maintain production and boost production exports to the rest of Europe.
Total investment in offshore oil and gas activity in Norway, including pipeline transportation, is estimated to reach $23 billion (244 billion crowns) in 2024, an increase of 5% compared to last quarter's valuation , Statistics Norway said earlier this year.
“The reason for the large investments in the oil and gas industry is mainly due to a strong increase in investments in field development, with an increase of 52% in 2023 compared to 2022,” said Ståle Mæland, senior consultant at Statistics Norway .
So Norway secures its future through investments in fossil energy, especially the state where 90% of new cars are electric and which practically does not use fossil energy internally.
Thanks to our Telegram channel you can stay updated on the publication of new Economic Scenarios articles.
The article Green Norway develops a large new oil field comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/la-norvegia-green-sviluppa-un-nuovo-grande-giacimento-di-petrolio/ on Tue, 30 Apr 2024 14:41:39 +0000.