High oil price gives new life to closed oil field

Oil and Gas News

Jan 9, 2007, 13:25 GMT

Oslo - High global oil prices have contributed to an application to reopen a Norwegian oil field that was closed some five years ago, officials said Tuesday. Energy group Talisman announced plans to restart production at the Yme field in the North Sea, some 100 kilometres off Egersund, south- western Norway. 'Yme can be the first previously closed oil field to reopen on the Norwegian (continental) shelf,' Petroleum and Energy Minister Odd Roger Enoksen said. Enoksen said the application to the ministry indicated why it made sense to have many companies operating on the Norwegian shelf since 'other operators see new opportunities.' The cabinet was slated to discuss the application in a few months. During its previous production cycle between 1996 and 2001, the Yme field produced some 50 million barrels of oil. Production was slated to begin in 2009 pending an investment of 4 billion kroner (629 million dollars). According to Talisman's application the group hoped to produce 60 million barrels. A Talisman spokesman told Norwegian broadcaster NRK that the group was also considering opening production at another field that was closed in the 1980s. © 2007 dpa - Deutsche Presse-Agentur

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