Chevron Corp. (NYSE: CVX) reports that its UK subsidiary, Chevron North Sea Ltd., has received approval from the UK government to proceed with the development of the Alder field in the central North Sea. 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.
Field 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 ft (150 m) approximately 100 mi (160 km) from the Scottish coastline and 37 mi (60 km) from the UK/Norway median line.
The field will be developed via a single subsea well tied back to the existing Britannia platform, a distance of 17 mi (28 km).
Chevron North Sea Ltd. operates the project and has a 73.684% interest, with co-venturer ConocoPhillips (UK) Ltd. (26.316%).