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Nippon Oil Unit Begins Oil Development Project in North Sea

Posted on: Thursday, 7 July 2005, 12:00 CDT

Jul. 6--TOKYO -- Nippon Oil Corp. said Wednesday its unit has launched an oil development project at the Blane oil field in the North Sea, following approvals from the British and Norwegian governments.

Nippon North Sea Oil Co., called MOC Exploration (U.K.) Ltd. in Britain, has been preparing to develop the oil field which straddles the two countries' median line in cooperation with other companies, including Paladin Expro Ltd. of Britain.

The Blane oil field, about 180 kilometers east of Aberdeen, Britain, is to pass produced crude oil to the Ula oil field in Norwegian waters where an oil production system has already been set up, Nippon Oil said.

The production of oil at the Blane field is planned to start late 2006 at a development cost of about 33 billion yen, Nippon Oil said. The oil field is expected to produce a maximum 14,000 barrels of oil per day, it added.

Capitalized at 11.21 billion yen, Nippon North Sea is equally owned by Nippon Oil's oil development unit, Nippon Oil Exploration Ltd. and the Japanese government.

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Source: Kyodo News International, Tokyo

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