ConocoPhillips shelves $2B oil field development in Norway

ConocoPhillips has decided to cancel the development project for the Tommeliten Alpha discovery, offshore Norway.

According to Aftenbladet, a Stavanger-based paper, the company has decided to shelf the $2 billion development in the Norwegian North Sea due to the low oil prices.

The newspaper says it believes that ConocoPhillips’ partners in the project, Statoil and Total, pushed for the project to be halted.

According to the Norwegian Petroleum Directorate, the Tommeliten Alpha discovery contains gas and condensate in three levels of Paleocene and Cretaceous chalk. The reservoir lies at a depth of about 3 000 metres. Four wells have been drilled on the discovery, the last one in 2003.

The field was to be developed by re-using of the Huldra field topsides on a new build steel jacket with tie-in to the Ekofisk Complex.

Back in January, ConocoPhillips told Offshore Energy Today that a possible investment decision was planned for first part of 2016, with first production slated for 2019.

Offshore Energy Today has reached out to ConocoPhillips seeking confirmation that the project is indeed cancelled, but we haven’t received a reply at the time of publication

Offshore Energy Today Staff