LONDON Jan 13 U.S. oil firm Chevron Corp
will go ahead with the development of the Alder gas
field off the coast of Britain, helping to boost investment in
the region and adding to its future production outlook.
Chevron said on Monday it had reached its final investment
decision for the Adler field and received approval from the
British government to go ahead with the development in what a
spokeswoman said would be a "sizeable" investment.
Alder, located in the central North Sea, is set to start
producing in 2016 with facilities designed to handle 110 million
cubic feet of gas and 14,000 barrels of condensate per day.
Current high levels of investment in Britain's North Sea are
likely to continue to the end of 2015, energy consultancy Wood
Mackenzie forecast last week, adding that capital investment in
the region last year hit its highest level in real terms since
Britain's oil and gas output has fallen by about two thirds
since 2000, posting particularly steep falls of 14.5 percent in
2012 and 18 percent in 2011, but big new investments have
fuelled hopes that some of the declines can be reversed.
New technologies made the development of Alder with its
high-pressure, high-temperature characteristics possible, said
Chevron, which holds a 74 percent stake in the field alongside
In November, Chevron threw doubt on another of its projects
in the North Sea, Rosebank, a big development thought to cost
around $8 billion, saying it was not currently economically
The company said on Monday that no decision had been reached
"The Rosebank joint venture participants continue to work
the front-end engineering and design work and are focusing their
efforts on developing an optimum development solution for
Rosebank," Chevron said in an emailed statement.