21 December 2012

Statoil to invest more than $7 billion to develop Mariner project in the UK North Sea

- Largest new offshore development in the UK in more than a decade 
- Statoil expects to start production from Mariner in 2017 
- Create 700 long term full time positions in the Aberdeen region 
- Around 200 onshore jobs at the operations centre in Aberdeen 

21 December 2012 - Statoil has made the investment decision to develop the Mariner oil field development in the UK North Sea. The project entails investments of more than USD 7 billion and is the largest new offshore development in the UK in more than a decade. 

"Statoil has extensive heavy oil experiences from offshore fields in Norway and Brazil. The Mariner field was discovered in 1981 and Statoil entered the license as operator in 2007 with the aim of finally unlocking the resources. We are satisfied that we now are able to make an investment decision for a profitable development of the Mariner field," says Lars Christian Bacher, executive vice president for Development and Production International in Statoil. 

"The Mariner project is a good strategic fit for Statoil. We are the world's largest offshore operator and have a portfolio of attractive projects in some of the most prolific basins in the world. The North Sea is a core area for Statoil, and we look forward to taking a leading role in further developing also the UK part of this basin," Bacher adds. 

Pending final approval of the field development plan by the UK authorities, Statoil expects to start production from Mariner in 2017. The field is estimated to produce for 30 years, with average production of around 55,000 barrels of oil per day over the plateau period from 2017 to 2020. 

Over its lifetime the project will generate substantial job creation and ripple effects for UK and the Aberdeen region. The project was positively impacted by the UK government's expansion of the Ring Fence Expenditure Supplement and will provide substantial tax income for the UK. An operating organisation for the Mariner field will be located in Aberdeen. UK content will be significant particularly within the drilling and well area and during the operations phase. 

"This project will entail substantial job creation in the Aberdeen region with more than 700 long term full time positions. Of these around 200 will be onshore jobs at the operations centre in Aberdeen and more than 500 will be offshore positions. We aim to recruit most of these positions locally. We are planning to start the first recruitments already early in 2013," says Bacher. 

The Mariner Field consists of two shallow reservoirs, the Maureen Formation and the Heimdal Sandstones of the Lista Formation, with nearly 2 billion barrels of oil in place and expected reserves of more than 250 million barrels of oil. Both formations yield heavy oil of around 12 to 14 API. 

Since Statoil entered in 2007, the company has developed a lead heavy oil position in the area, being operator with 65.11% equity in Mariner and 81.6% equity in the Bressay field. Statoil expects to make a final investment decision for Bressay in 2013. 

Source: Statoil