Paris: French giant energy producer Total said Thursday it is investing $4.2 billion for the development of a new oil field located in the North Sea off Norwegian coast.
"Total, operator of the Hild license, launches the development of this field located in the Norwegian North Sea ... and (the license) is subject to the approval of the Norwegian Ministry of Petroleum and Energy and Norwegian Parliament (Storting)," the French group said.
Under the sharing agreement with Norwegian Petoro and Statoil companies, Total enjoys 51 percent of the new field which is expected to produce 100,000 barrels of oil equivalent per day, reported Xinhua.
Production in Hild is scheduled to start by the end of 2016, Total added in a statement posted on its website.
"... Innovation has opened up new opportunities for Total offshore Norway, where we will continue to invest annually an average of $2 billion within the next five years," said Patrice de Vivies, senior vice president Northern Europe, Exploration-Production.
First Published: Friday, February 3, 2012, 12:57