Wintershall To Spend $2B To Develop Norwegian Oil Field

Reuters

OSLO, May 5 (Reuters) - BASF subsidiary Wintershall and its partners will spend 15.3 billion crowns ($2 billion) to develop the Maria oil and gas field in the Norwegian Sea, the oil ministry said on Tuesday.

The cost estimate, part of the field's development plan submitted to the government on Tuesday, is at the bottom end of the firm's previous 15 billion to 20 billion crown estimate range.

The discovery has around 180 million barrels of oil equivalents, mostly oil, in line with a previous estimate. Startup is expected in the fourth quarter of 2018.

Operator Wintershall holds a 50 percent stake while Norway's state holding firm Petoro has 30 percent and Centrica owns 20 percent.

The field is set to produce for 23 years.

(Reporting by Stine Jacobsen)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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