Chevron North Sea has been granted approval by the UK government to go ahead with the development of the Alder field in the North Sea.
The project, which is expected to commence production in 2016, has a planned design capacity of 110 million cubic feet of natural gas and 14,000 barrels of condensate per day.
Chevron vice chairman George Kirkland said, “The Alder Field development is an important milestone in support of our strategic plan to profitably grow production and is among our solid queue of major capital projects that will deliver value to shareholders.”
Chevron Europe, Eurasia and Middle East Exploration and Production president Todd Levy said, “The Alder project builds on Chevron’s already well-established presence in the U.K. energy development sector.”
“For more than 50 years Chevron has been active in the U.K.’s oil and gas industry, and we will continue to play a role in developing the region’s natural resources,” Levy added.
The high-pressure high-temperature gas condensate field located in Block 15/29a, in a water depth of 492ft (150m) approximately 100 miles (160km) from the Scottish coastline and 37 miles (60km) from the U.K./Norway median line.
The field will be developed via a single subsea well tied back to the existing Britannia Platform, a distance of 17 miles (28km).
Chevron North Sea operates the project with a 73.684% stake, with co-venturer ConocoPhillips (U.K.) having 26.316% sake.