Statoil Starts Up New Valemon Gas, Condensate Field in North Sea

Reuters

OSLO, Jan 3 (Reuters) – Norwegian oil and gas firm Statoil has started up the Valemon gas and condensate field in North Sea on Saturday and expects to recover up to 192 million barrels of oil equivalents over the field's lifetime, it said in a statement.

Valemon, a high pressure and high temperature field, will cost 22.6 billion crowns ($3.0 billion) once all production wells are in operation, Statoil said.

Shareholders in the field include Statoil (53.77 percent), state holding firm Petoro (30 percent), Centrica (13 percent) and Royal Dutch Shell (3.23 percent).

(Reporting by Balazs Koranyi, editing by Stine Jacobsen)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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