Oil and gas giant BG Group has started up production from the Gaupe field located in Norway.
The field marks the firm's first production from the Norwegian continental shelf and has estimated gross recoverable reserves of around 30m barrels of oil (boe) equivalent. Production is expected to reach a plateau production rate of around 15,000 boe per day gross during the third quarter.
BG Group Chief Executive Sir Frank Chapman said: "We are delighted to bring onstream our first production from Norway, adding a new country to our global production portfolio. We have delivered this project safely, on budget and in under four years from the declaration of commerciality.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"By utilising our existing infrastructure in the UK North Sea, the start-up of production from Gaupe also adds a new source of supply for the UK energy market," he said.
The partners in the field are BG Norge, a wholly-owned subsidiary of BG Group, 60% and operator, and Lundin Norway 40%.
The share price rose 0.66% to 1,457.50p by 15:00.
NR
-
Water companies blocked from using customer money to pay “undeserved” bonusesThe regulator has blocked three water companies from using billpayer money to pay £1.5 million in exec bonuses
-
Will the Bitcoin price hit $100,000?With Bitcoin prices trading just below $100,000, we explore whether the cryptocurrency can hit the milestone.
