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OMV Announces Re-Development of Schiehallion Oil Field

Published: July 13, 2011; 13:34 · (Vindobona)

A joint venture including the Austrian oil and gas company will spend € 3bn on a major re-development of the Schiehallion oil field to the west of the Shetland Islands.

OMV Announces Re-Development of Schiehallion Oil Field / Picture: © Flickr

Schiehallion has produced over 300 million barrels of oil since production started in 1998 and an estimated 325 million barrels of resource is still available. The investment of circa € 3bn in the re-development of the field will take production out to 2035 and possibly beyond, the company explained.

"The Schiehallion oil field is an established, high value asset with a strong…

This article includes a total of 217 words.

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