|Hydro acquires interests in UK oil fields|
| [30.08.2007, 11:45am, Thu. GMT]|
|Hydro has reached an agreement with Chevron North Sea Ltd. to acquire their total interests in the Mariner and Bressay heavy oil fields on the UK continental shelf. The acquisition contains 64.6 % in the Bressay field and some 45 % in the Mariner field, consisting of Mariner and Mariner East. The fields have been appraised by many wells, but there are still uncertainties related to the potential recoverable reserves, and it is too early to confirm the commerciality. Discoveries of heavy oil in Quadrant 9, where the two fields are located, were made in the 1970s and 1980s. |
The agreement is subject to approval by UK authorities, partners and the concurrence of Chevron’s Senior Management.
Hydro will, conditional upon approval from partners and the UK authorities, take over operatorship of the fields.
“I am very pleased that we have reached this agreement with Chevron," says Torgeir Kydland, head of International Business Development in Hydro's Oil & Energy business area.
"Hydro has been looking for areas where our heavy oil experience could be a way of increasing commerciality in new fields. These prospects are near to our home ground, and what we have learned from the development and production at Grane has proven useful also in the development work at Peregrino and increasing the recoverable reserves there.”