(Bloomberg) – Norway will add a new offshore oil and gas development in the North Sea, extending the life of a nearby field that has been in operation for over three decades.
Okea ASA will operate the Bestla project, due to come on-stream in the first half of 2027, with total investments forecast to be about 6.3 billion kroner ($570 million). The offshore oil and gas field is estimated to hold about 24 MMboe and will be tied back to the Brage platform, which started production in 1993.
The plan is the first received by Energy Minister Terje Aasland in 2024, following a rush of submissions in 2022 when companies sought to take advantage of Covid-era tax breaks. The offshore Bestla project reflects a strategy being pursued by Norwegian oil and gas producers to target fields near existing infrastructure to reduce costs and emissions.
“It is important that companies continue to develop new projects and contribute to lay the groundwork for long-term petroleum activity on the shelf,” Aasland said.
Take the Survey at https://survey.energynewsbeat.com/
ENB Top News ENBEnergy DashboardENB PodcastENB Substack
Energy News Beat