Flyndre Oil Field Gets Norwegian Go Ahead

By MarEx 2014-05-26 19:46:00

Norway's oil ministry has accepted Maersk Oil's development plan for the small Flyndre oil field in the North Sea, saddled between Norway and Britain, it said on Monday.

The field, expected to cost 3.45 billion crowns ($580 mln), is set to start up in the second quarter of 2016 and production is seen peaking at 10,000 barrels per days.

The development, estimated to contain 2.5 million barrels of oil, will be tied to the Clyde platform on the UK side of the border.

Maersk Oil, part of Danish shipping conglomerate A.P. Moller-Maersk holds 88.3 percent of the licence while Statoil has 6.7 percent and state holding firm Petoro has 5 percent.

Copyright Reuters 2014.