Located 210 km (130 miles) offshore, near the existing Skarv field, the investment costs of Grey Seal are expected to touch 1.2 billion Norwegian crowns ($140 million).
“Based on a development solution with reuse of existing infrastructure, this project has become very profitable,” Project Manager Mette Nygaard said in a statement.
Containing an estimated 13 million barrels of oil equivalent, the project has a break-even cost of just $15 per barrel, the company said.
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