Maersk Oil said Friday that it and its partners in the Danish Underground Consortium would invest $800 million in a new unmanned platform in the Danish North Sea.
The investment in the development, known as Tyra Southeast, is expected to add reserves and resources of 50 million barrels of oil equivalent over the next 30 years to Danish production, comprising of 20 million barrels of oil and 170 billion standard cubic feet of gas.
Mark Wallace, managing director for Maersk Oil Danish Business Unit, said: "The Danish North Sea still contains significant oil and gas resources. However, the remaining oil and gas is becoming progressively more difficult to extract, requiring efficient development, new technology and continued large investments."
First oil from the new development is expected in early 2015 and after installing the platform, Maersk Oil plans to drill 12 wells during 2015-2017.
Maersk Oil is a unit of Danish conglomerate A.P. Moller-Maersk A/S and is operator of the DUC joint venture.
DUC is a partnership between A.P. Moller-Maersk A/S holding a 31.2% stake, Royal Dutch Shell PLC holding 36.8%, Nordsofonden holding 20% and Chevron Corp. holding 12.0%.
Copyright (c) 2012 Dow Jones & Company, Inc.
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