Statoil is developing a USD 940-million project to help produce the remaining reserves of the company-operated Oseberg field in the North Sea, despite the collapse in oil prices. The Oseberg Vestflanken 2 project will incorporate Norway’s first unstaffed wellhead platform as a tie-in to the Oseberg field center platform complex. Slated to start up in 2018, Vestflanken 2 is expected to recover an additional 110 million BOE and can break even financially with oil at USD 32/bbl, the company said. Statoil has a 49.3% interest in Oseberg with the other interests held by Petoro (33.6%), Total (14.7%), and ConocoPhillips (2.4%).
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