Austria's OMV and companions plan to take a position as much as $6 billion initially to develop the Arctic Wisting oil discover, Norway's northernmost oil discovery, which may begin manufacturing inside a decade, a senior govt mentioned on Wednesday.

OMV, which is partly owned by Abu Dhabi's Mubadala Investment Company, owns a 25 per cent stake within the Wisting licence and the opposite stakeholders are Norway's Equinor, Norwegian state-owned agency Petoro and Japan's Idemitsu.

OMV mentioned the recoverable useful resource estimate of the discover had elevated to 440 million barrels of oil, from 350 million barrels beforehand, after drilling of an appraisal properly on the website in 2017.

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Knut Mauseth, head of OMV's Norwegian subsidiary,mentioned on the sidelines of an power convention on Wednesday that the group plans an preliminary funding of $four.7 billion to $5.9bn to develop the discover.

Trade publication Petro.no was first to report the preliminary price estimate.

Wisting is Norway's northernmost oilfield, positioned 300 kilometres north of the Nordic nation's mainland.

Mr Mauseth mentioned a floating manufacturing, storage and offloading (FPSO) vessel could be used as a manufacturing facility and oil from the sector could be exported from the sector by tankers, Reuters mentioned. A choice on the kind of FPSO could be taken in 2020, with manufacturing anticipated to start out in 2026, he mentioned.

The Norwegian authorities is eager for oil companies to develop new oil and gasoline within the Barents Sea and is contemplating constructing an oil terminal on mainland Norway to deal with oil exports from offshore fields.

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Mr Mauseth, nevertheless, mentioned OMV didn’t consider a terminal could be economically viable.

Source: www.thenational.ae

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