July 23, 2013 / 1:56 PM / 5 years ago

RPT-Chevron awards 550 mln stg contracts for N.Sea projects

LONDON, July 23 (Reuters) - U.S. oil company Chevron Corp said it awarded contracts worth 550 million pounds ($845.32 million) to suppliers for two projects in the North Sea.

The company said on Tuesday that it signed deals for equipment with OneSubsea UK, partly owned by Cameron, French company Technip, and Norway’s Aker Solutions and that the manufacturing would take place in British facilities in Leeds, Aberdeen and Newcastle.

Final investment decisions for Chevron’s Alder oil field in the central North Sea and its Rosebank field off the west coast of the Shetlands are due later this year and in 2014 respectively.

“Both projects have received support from UK government efforts to stimulate new developments through field allowances,” said Craig May, managing director of Chevron Upstream Europe.

Britain is focused on maximising its remaining North Sea resources and is looking to the oil industry to help revive the economy in the wake of big falls in production in recent years which have acted as a drag on growth.

“The Rosebank and Alder projects are worth billions of pounds and will unlock significant new oil and gas reserves,” British Energy Minister Michael Fallon said.

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