OSLO Nov 30 Centrica and partners will
invest 5.4 billion Norwegian crowns ($629.65 million) in the
development of the Oda oilfield off Norway after cutting costs
by around 45 percent compared to initial estimates, the British
utility said on Tuesday.
The North Sea field, formerly known as Butch, will be
developed as a subsea tie-back to the Ula platform and
production startup is expected by 2019.
Including Oda, five development plans have been submitted to
Norwegian authorities in 2016, all as tiebacks to existing
"Such developments provide gains in several ways by creating
value from the discovery, from the field it is being tied back
to and by sustaining infrastructure which provides for even more
satellite developments in the future," Norway's Oil Minister
Tord Lien said in a separate statement.
Oil firms have embarked on massive cost cuts in recent years
to make field developments viable even after a crash in crude
Partners in the licence are Suncor Energy, Faroe
Petroleum and Tullow Oil Norway.
($1 = 8.5762 Norwegian crowns)
(Reporting by Stine Jacobsen, editing by Terje Solsvik)