The FINANCIAL — Chevron Corporation's U.K. subsidiary, Chevron North Sea Limited, has reached a final investment decision and received approval from the U.K. government to proceed with the development of the Alder Field in the Central North Sea, according to Chevron Corporation.
The project has a planned design capacity of 110 million cubic feet of natural gas and 14,000 barrels of condensate per day. First production is expected in 2016.
Discovered in 1975, development has recently been enabled by innovative technologies to manage the high-pressure high-temperature gas condensate field located in Block 15/29a, in a water depth of 492 feet (150 meters) approximately 100 miles (160 kilometers) from the Scottish coastline and 37 miles (60 kilometers) 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 (28 kilometers).
Chevron North Sea Limited operates the project and has a 73.684 percent interest, with co-venturer ConocoPhillips (U.K.) Limited (26.316 percent), according to Chevron Corporation.
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