Repsol SA (REP.MC) said Tuesday that it has submitted a revised plan for development and operation of the Yme field to the Norwegian Ministry of Petroleum and Energy, with a total investment of around 8 billion Norwegian kroner($950 million).
The revised plan includes the re-use of existing wells and drilling new ones.
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The recoverable oil reserves for the Yme field are estimated at approximately 65 million barrels at 10 year's total production, the Spanish integrated oil-and-gas company said.
Production at the Yme field is expected in the first half of 2020.
Repsol said that Norwegian suppliers will account for 70% of the total investment.
Repsol is acting as operator of and on behalf of the partners in a consortium for the project, where it holds a 55% stake. Other partners include Lotos Exploration and Production Norge AS with a 20% stake, OKEA AS with 15% and KUFPEC Norway AS with 10%.
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Corrections & Amplifications
This item was corrected at 11:44 a.m. ET. The original headline incorrectly stated that Repsol was making the investment on its own.
Repsol and partners are investing about $950 million in the Yme field in Norway. "Repsol to Invest $950 Million in Norwegian Field," at 1617 GMT, misstated who was making the investment in the headline. Repsol isn't making the investment on its own.
(END) Dow Jones Newswires
December 19, 2017 11:59 ET (16:59 GMT)