by Daniel J. Graeber
Essen, Germany (UPI) Feb 15, 2017
German energy company Wintershall said Wednesday it was showcasing its commitment to Norway by submitting plans for offshore development.
The company led a consortium of license partners in submitting development plans for the Skarfjell field in the Norwegian waters of the North Sea. The company said most of the hydrocarbons there are slated for exports and development will utilize infrastructure already nearby in Norwegian waters.
"Moving into the next phase of the plan is a signal that Wintershall is committed to Norway in the long-term," Martin Bachmann, the executive board member in charge of regional exploration, said in a statement. "Wintershall is convinced of having selected the most economically robust solution for the field."
Wintershall's development plan submission follows the official launch of the Ivar Aasen field in the North Sea. Norwegian Energy Minister Terje Soviknes was on hand for the event, his first such visit while in office.
For the greater Norwegian energy sector, Swedish energy company Lundin Petroleum said this week it was spinning off its international assets in order to focus exclusively on oil and gas operations in Norway. The company said it planned to spend about $1.3 billion on development, appraisal, exploration and production this year, with nearly all of the focus on offshore Norway.
The economy in Norway relies heavily on oil and natural gas revenue and the country is one of the main energy suppliers to Europe. The Skarfjell field is expected to yield between 60 million and 140 million barrels of oil equivalents.
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