Statoil to invest $7 bln in British offshore project

OSLO Fri Dec 21, 2012 4:49am EST

OSLO Dec 21 (Reuters) - Norway's Statoil will invest $7 billion to develop the Mariner project, the biggest offshore oil and gas development in Britain in over a decade, it said on Friday.

Statoil expects to start production from Mariner on the East Shetland Platform in 2017 and production is seen lasting for 30 years, with average production of around 55,000 barrels of oil per day from 2017 to 2020.

Statoil holds 65.11 percent of the project, JX Nippon Exploration and Production has 28.89 percent and Alba Resources, a unit of Cairn Energy 6 percent.

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