STAVANGER, Norway – Statoil expects to make a final investment decision in 2016 on the Bressay heavy-oil field east of Shetland in UK waters.
The field, discovered in 1976, holds recoverable reserves estimated at 100-300 MMbbl. However, a combination of technology constraints and commercial issues delayed development.
Statoil succeeded Chevron as operator of the Bressay licenses in 2007. In June 2014, the UK government’s Department of Energy and Climate Change confirmed an extension for license P920, allowing the company to take its work on the project forward.
Bressay spans four licenses. One license – P920 – was due to expire in July, but is now extended to December 2016.
Following concept screening, the company aims to select a revised development method in 2015, followed by the final investment decision in 2016.